For a Minnesota business, it can be remarkably complicated to locate a commercial property that is within budget and meets the operation needs of the company. As a business owner, you know how difficult it can be to find the right place to run your business, and upon finding one, you may find it tempting to move forward with securing the location as quickly as possible. In reality, caution and consideration are critical to ensuring you do not expose yourself to unnecessary risks.
One of the most important things you can do in your effort to secure commercial property is to carefully review the terms of your lease and evaluate other factors. These are legally binding agreements that can impact your company for years to come, and it is in your interests to know what these terms mean and their potential impact. In some cases, it is possible to negotiate the terms of a commercial lease.
What’s in your lease?
The terms of your commercial lease matter. If the landlord presents a lease contract, you may believe that your only option is to sign the agreement, but that may not be the case. It is possible that you could seek an inclusion of terms that will protect the interests of your company and allow both parties to work together long-term. Steps you should take before signing a lease include:
- Do careful research on the area to determine if the rent prices are in line with the average amounts charged for similar spaces in the area.
- Learn about any environmental laws or nuisance laws that could impact what you do with the space once you occupy it.
- Look into the local zoning laws to ensure that you are legally allowed to operate a business in that specific space.
- Make sure that you research the landlord to determine if other tenants have had any problems with him or her in the past.
Before you sign on the dotted line, you will benefit from doing your due diligence. This legal contract can impact your business, your finances and your operations, and understanding the terms and their potential impact is critical. You may find it helpful to speak with a professional regarding your options and how you can seek an agreement that will be mutually satisfactory to both parties.