What to expect during commercial lease transactions

When opening a new or additional business location, Missouri business owners will face plenty of vital details to address first. Besides the work involved in the physical move, there may be some unexpected or unknown issues to handle after a commercial lease is signed, such as licenses and permits, lease details and multiple inspections.

In regards to commercial licenses and permits, prior to moving into the facility, it is a good idea for business owners to find out which ones they are required to obtain. In fact, it is best to address this issue as part of the due diligence process before signing a lease.

Then there are details about the commercial lease to consider. Business owners should make sure they have a copy of the fully executed lease that outlines purchase options, possible rent increases, renewal dates and information about how the rent is to be paid and where it should be sent. Of course, the lease should have the signatures of all parties involved.

Another important matter before moving into the facility is to ensure that there are no problems with the building and its systems, which is accomplished by inspections by a professional. While this should be done before the lease is signed, most lease contracts allow inspections within the first 30 days afterwards. Problems that were uncovered via inspections must be remedied by the owner. The lease should outline who must pay for any system repairs and if any systems are covered by a warranty.

Successful commercial developers understand the importance of adhering to every legal detail. An attorney could offer valuable advice that could help them avoid disputes down the road.

Source: Orange County Register, “Commercial real estate: A new lease is signed – now what?”, Allen Buchanan, April 17, 2017

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