As a Virginia business owner, you know how difficult it is to find a commercial space that is affordable and suitable for your company needs. When you find the right warehouse, storefront or space that is what you’re looking for, you may feel tempted to quickly sign on the dotted line and move ahead. However, you would be wise to consider whether you should negotiate the terms of your commercial lease.
Landlords want to protect their interests, but you have the right to do the same. If you sign a lease agreement without careful consideration of the terms, you could be exposing yourself to the potential for financial loss and other complications. It may also be beneficial to have an attorney review the terms of your contract before you sign a binding agreement.
What’s in your lease?
The terms of your lease matter. While the small print of your lease may not seem like a big deal at the time, it is possible that these terms could negatively impact you down the road or lead to financial loss somehow. Some of the specific terms you may want to negotiate include:
- Rent — You need to know what you will pay in rent, but you also want to know if your contract includes terms pertaining to rent increases down the road. You also need to know what’s included in your rent, such as utilities and insurance.
- Changes to space — Your lease should include terms that outline how it will work if you need to alter or update the space after occupying it. You may need to negotiate who is responsible for the costs and which party will have to pay for repairs.
- Length of the lease — You should know how long the terms of your lease will hold you. You may be able to negotiate the life of the agreement, as well as include terms regarding early termination, subleasing and more.
These are only a few of the things you may want to negotiate for your lease. As with all types of legal agreements and business contracts, you will find it helpful to speak with a lawyer about your commercial lease and what you need to do to protect the interests of your business. An assessment of your case will help you understand what you need for your company’s future operations.