One of the most difficult aspects of running a small business in Ohio is finding the right space from which to do it. Commercial real estate can be complicated, and it is not always easy to find an affordable store front or industrial space for your operations. Once you find a place, you may be tempted to sign the lease as quickly as possible, but there is clear evidence that it is most beneficial to negotiate the terms of this type of lease.
You may not know that the terms of many commercial leases are negotiable. This means that you do not have to sign without first taking steps to ensure the protection of your best interests. Many business owners find great benefit in having experienced legal guidance as they navigate this specific commercial real estate process.
What needs to be in your lease
You may be unsure of how to negotiate a lease or what you should strive for in order to protect your best interests. As you search for a space for your company and work with a potential landlord, it is beneficial to negotiate on the following terms in order to reduce your exposure to financial loss, legal complications and stress:
- Length of the lease: Your lease should clearly spell out how long the lease is valid, as well as explain penalties for early termination and option for renewal.
- Who is responsible for what: It is important to include in your lease terminology that explains which party is responsible for things such as repairs needed, renovations and other issues that affect your use of the space.
- Potential legal issues: You may benefit from terms that clearly outline issues such as subleasing, zoning for the building, permits and much more.
When you take measures to ensure your lease is thorough and clear, you reduce the chance of finding yourself in a complex legal dispute with your landlord in the future.
Start with the right help
The terms of your commercial lease will have a direct impact on your business. It is in the interests of your business to ensure the terms are fair, reasonable and allow for you to run your operations as you see fit. As you negotiate with a landlord, draft a contract and take other steps in the commercial real estate process, you likely will find it prudent to work under the purview of an experienced attorney who will fight for the full protection of your best interests.