If you do not own a space from which to operate your business, you may be thinking of entering a commercial lease agreement. A commercial lease agreement is one between a landlord and a business owner. This legally-binding agreement outlines the terms and conditions under which a property will be rented for business purposes.
If you have never signed a commercial lease agreement before, there are some things you may want to know. Commercial lease agreements normally last for several years at a time. When you sign a lease agreement for a residential property, there are certain legal protections. You will not have those same rights in a commercial lease agreement. Furthermore, the terms of a residential lease agreement are usually set. On the other hand, in a commercial lease agreement, terms such as (including but not limited to) the rent amount, personal guarantees including length of any personally guarantees, renewal terms, operating costs calculations, assignment of lease and subletting provisions, and other matters can be negotiated. In addition to rent for the property, the landlord may expect you to pay fees for garbage collection, security, landscaping and janitorial services as well. In the fine print of your commercial lease, you may also find that while the landlord cannot increase your rent without notice, the additional fees may be subject to change at any time.
Hiring a Commercial Lease Lawyer to Review Your Lease Agreement
Since commercial lease agreements can be very complex and a landlord may even include unfair provisions, it is wise to ask a commercial lease lawyer to review the details. When you hire a commercial lease lawyer, they will go through the agreement and provide comments and recommendations and point out sections that may leave you legally vulnerable. Your commercial lease lawyer may also negotiate the terms on your behalf.
Are You Searching For a Commercial Lease Lawyer in Calgary?
The business lawyers at Badyal Toor provide a range of legal services for businesses both large and small. Among other things, we will help to ensure that your commercial lease agreement is fair and in your best interests. So, give us a call today to schedule an appointment with one of our commercial lease lawyers.