Benefits of Having a Real Estate Attorney Review a Commercial Lease
Unlike when you buy or sell real estate, which is essentially like a brief courtship with the other side before moving on, a commercial lease is more like a marriage. In most instances, you will be “together” at least 5 years, and in many cases, 10 to 20 years. Over the life of the lease, between rent, additional rent, and other expenses required under the lease, you will likely pay several hundred thousand dollars and even more, so attorney representation is just a very good business decision.
As such, involving an attorney prior to signing a letter of intent, where most business terms and some legal terms are addressed and are difficult to change later, and then to have the attorney assist with the review of the proposed lease, can add tangible value. The direct and indirect money that can be saved by retaining a competent, attorney advocate for your commercial lease can more than outweigh the cost of the attorney.
For instance, we can negotiate up the tenant improvement allowance or advocate for free rent for a number of months in its place; negotiate down the required level of insurance coverages because the lease has it at levels that are beyond what your business requires; negotiate away any percentage rent requirement; and limit your exposure under a personal guaranty. All of these things, to name a few, will result in you keeping more of your dollars in your pocket and help ensure a prosperous lease “marriage.”
Please feel free to call Frank Campoamor directly at 239-552-3205 or email me at email@example.com to see how I can help. I do lease work throughout the State of Florida and nationwide.