Good Afternoon Followers!
So let’s start off with a simple question. What is lease? A Lease is a temporary conveyance of the right to use and occupy real property (land) in exchange for payment or rent. With commercial properties you will typically find Ground Leases and Triple Net Lease. Look over the lease. You should see areas regarding parties, rent, terms, use/restrictions, taxes and insurances, as well as other important information. It is highly recommended that you review the lease before your clients sign. You want to make sure you know what they are signing and all the terms in case they may have any questions. All terms describe the options and agreements that will be abided once the agreement (Commercial Lease) is officially signed by all parties.
What should I look for in the Lease? Always Consider the resale implications when negotiating a lease. Obtain a long term lease with options. Avoid renewal clauses based on sales levels and do not accept an “open” option to be negotiated at option time. If you have any questions regarding said lease be sure to ask an attorney to review the terms and explain anything you do not understand.
-Realty Executives of New York
Need some more information? Below please find some websites regarding Commercial Leases!