Commercial Property Lease FAQs
When it comes to making this type of commitment there are some commercial property lease FAQs. Buying a business property for the first time or changing to a new location can be a huge endeavour and it is important to get it right. Failure to deal with the move correctly could mean that business is hurt or ruined even before it has had a chance to get going. Here are some commercial property lease FAQs that will hopefully provide you with some information you need.
Commercial Property Lease Frequently Asked Questions
Is it better to lease or buy a commercial property?
This is a very common question but from most people starting out in business it will be purely academic; they just could not afford this type of financial investment. Buying commercial property will usually work out cheaper over the long-term and it will be considered a business asset. On the other hand, it is often better to invest money in helping a business grow (or even stay afloat) than having it tied up in property.
Do you need to use a solicitor when dealing with a lease contract?
This is another of commercial property lease FAQs that you hear the most and it is not so easy to answer. Paying for a solicitor might seem like an extravagance for many people, and the truth is that people do get away with leasing business property without the need to involve a solicitor. It is important to point out though, that these people are taking a big risk; especially if they are not sure about this type of contract and what it should involve. In many instances the relationship between the landlord and tenant will go smoothly but when problems do occur the only weapon either side has is the lease contract. It is too late during the middle of a dispute to find that the contract contains or doesnít contain what you want it to.
Is it OK to use a lease contract template?
It is possible to alter a lease contract template to fit the needs of the property you are trying to lease. On the other hand, you would need to know quite a lot about this type of contract to do things properly. Many landlords do use templates in an attempt to save a bit of money by not needing to involve a solicitor, but remember that it is a risk.
What should I consider before signing a lease contract?
Never rush into signing a lease contract. This is your business you are talking about and you donít want to sign anything that could cause problems for your in the months or years to come. Make sure you understand all the conditions surrounding the lease and that you fully understand how it can be terminated by either side.
So there you have just a few commercial property lease FAQs. Information is key to dealing with this issue correctly and if you do not want to pay for professional assistance make sure you do your homework.
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