Many small businesses enter into a lease for commercial space on Long Island at some point. It’s important for business owners in Nassau and Suffolk counties to pay attention to some very important business issues when they enter into a real estate lease, whether you are considering leasing space for office, manufacturing or retail use.
Set forth below we have some tips that may assist you in the commercial leasing process, and hopefully help you avoid unexpected financial and legal issues.
1. Don’t assume the landlord’s routine “form lease” is non-negotiable.
Prospective tenants are often presented with a pre-printed lease including their name and various terms and conditions. A commercial property owner or manager will say that the document in front of the possible lessee is the landlord’s typical form lease, but don’t think that means there is no “wiggle room,” so to speak, to amend that lease to better fit your needs or more explicitly state the terms of the agreement. Be sure to read through the provisions of the lease, and then address the specific needs you have that the “form lease” doesn’t satisfy with the appropriate person.
2. Put all notice requirements on your calendar.
Going over your lease with the proverbial fine tooth comb bearing in mind that some conditions are negotiable will help you pay attention to aspects of the agreement you wouldn’t have normally noticed or questioned. For example, your lease agreement may contain several provisions that require you to send notices to the landlord under certain circumstances, such as the amount of notice you have to give the landlord if you wish to renew or terminate your lease at the end of the term. You may have to give a year’s notice or more in some cases, so make a note of these dates in your calendar to ensure you comply with all notice requirements and do not forfeit any rights under your lease agreement.
The experienced real estate litigation attorneys at Harras Bloom & Archer LLP provide counsel and assistance to small businesses throughout Long Island in the commercial lease process. For more information regarding the firm’s legal services, contact our Long Island office at 631-498-5505.