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What to know before leasing a commercial property?

What to know before leasing a commercial property?

Set out below is a non-exhaustive list of issues that you will need to be satisfied about before investing your cash in a full repairing and insuring lease (FRI lease). At the end of the piece I also deal with some common questions I am regularly asked by people looking to start or grow their business by taking on a commercial unit.

Who are the experts in leasing commercial space?

Dale Willerton and Jeff Grandfield – The Lease Coach are commercial lease consultants, professional speakers and co-authors of “Negotiating Commercial Leases & Renewals For Dummies” (Wiley, 2013).

What do you need to know before leasing a restaurant space?

Here are 10 questions you need to ask about the landlord and building. When planning to lease a space for your restaurant business, you will want to prepare yourself for lease negotiations with a commercial landlord (also known as the lessor).

When do commercial leases need to be returned?

Tenants of commercial leases are required to return particulars of their lease to the Authority within 30 days of receipt by them of the stamp certificate from the Revenue Commissioners. Such returns must be filed online. The Authority will be sending out reminders to all leases where no return has been made.

Set out below is a non-exhaustive list of issues that you will need to be satisfied about before investing your cash in a full repairing and insuring lease (FRI lease). At the end of the piece I also deal with some common questions I am regularly asked by people looking to start or grow their business by taking on a commercial unit.

How long does a commercial lease usually last?

Typically, commercial leases run anywhere from 3 to 10 years, and the term is usually negotiable with the landlord. But it’s as important to pin down when the lease will begin as to determine when it will end. Unless the space you agree to occupy is already vacant and remodeled to fit your needs exactly, all kinds of last-minute problems can occur.

Dale Willerton and Jeff Grandfield – The Lease Coach are commercial lease consultants, professional speakers and co-authors of “Negotiating Commercial Leases & Renewals For Dummies” (Wiley, 2013).

Here are 10 questions you need to ask about the landlord and building. When planning to lease a space for your restaurant business, you will want to prepare yourself for lease negotiations with a commercial landlord (also known as the lessor).

What does it mean to have a commercial lease agreement?

A commercial lease agreement is a contract for a business to rent an office space or other business property from a landlord. The term ‘commercial’ simply means that the lease is for business activities rather than housing.

What should I consider when leasing a building?

If it is a lease of less than 5 years you may only be responsible for internal repairs. The question of whether it is a new building or an older building will also be significant and other issues to be addressed would include latent and inherent defects in the building, what is considered fair wear and tear and what risks are covered by insurance.

Are there any problems leasing a commercial property?

I have encountered a frightening number of tenants who entered into a lease for a commercial premises without using a solicitor. A host of problems can then arise in relation to rent reviews, sub-letting, assigning the lease to someone else, etc. which the tenant may not have received any professional advice about when taking on the lease.

What do I need to know before signing a commercial lease?

Typically, commercial landlords require a one-year lease, but some require two to three Are utilities included? (They usually are not.) Will the landlord pay for fit-up changes to the space, such as layout, paint, new carpet or special electrical needs?

Is it too late to change commercial lease?

It’s too late to make changes after you’ve signed a commercial lease for an office building or retail space and the ink has dried. It’s vitally important that you understand lease terms, how they’ll impact you, and that you’ve negotiated the best deal possible for yourself before you sign a business lease.

What should I Ask my Landlord before renting office space?

If you’re worried about sharing this information, ask the landlord to sign an NDA. Attorney Fees: Don’t sign a lease without having it reviewed by a qualified attorney. If the lease is small enough, they may even work on a fixed dollar amount.

What should I ask a potential commercial tenant?

There are several questions to ask a potential commercial tenant that will help you gain the information you need to make this decision. These include questions surrounding: any fitout required. If you have any questions about commercial leases, call LegalVision’s leasing lawyers on 1300 544 755 or fill out the form on this page.

Why do you need to ask questions when leasing a property?

When leasing your commercial property, selecting the right tenant is vital. Asking the right questions will ensure that you have the information you need when choosing a tenant. Doing so will provide you with a much clearer picture of the prospective tenant’s financial health and will give you peace of mind when entering into the lease.

What to know before signing a commercial lease?

Never take a commercial real estate lease for granted. An expert points out 10 trouble spots to avoid. About a year ago, the owner of a small law firm met a friend of his who had just bought a suburban office building. “You wouldn’t happen to have some vacant space?” the lawyer asked.

What is the definition of a commercial lease?

A commercial lease agreement is a contract to rent retail, office, or industrial space between a landlord and tenant. The tenant pays a monthly amount to the landlord in return for being allowed the right to use the premises for their business purpose. Commercial leases are generally longer than residential types, between 3-5 years,

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