Leases, Leases, Leases…All you need to know!

All you need to know about leases?  That’s easy, don’t sign ANYTHING until your lawyer looks it over for you….that makes for a really short article, but it’s really true.  There are two types of leases:  real estate and business leases.

  1. Real Estate Leases.

For real estate, you are signing a lease for commercial property for your business.  This lease can be for retail, office, industrial, warehouse or any myriad of other business needs that you may have.  One thing all leases have in common, though, is that all leases are an obligation that the company will face for years to come.

Remember, when you sign a real estate lease, you are committing your company via contract to pay a sum of money every month for a wide variety of different terms.  A key consideration is that almost all leases are negotiable.  This means that you may be able to get better terms than what you see on the initial lease proposal from the landlord.  Should you accept the landlord’s first offer?  The answer is almost always NO!  You can get better terms and sometimes far better terms by just asking for changes to the lease.  This is why The Collins Firm should be your partner in negotiating important lease agreements and contracts before you sign them.  Once you sign the contracts, you are obligated and there’s almost no chance of gaining concessions in the future.

The Collins Firm has years of experience negotiating real estate leases and agreements with contracts and can advise you on issues that most likely can be negotiated and can help you develop strategies that will often save you money for years.  This is one of the few times when hiring a lawyer can save you money.  Before you sign any commercial real estate lease, you owe it to your long term success to consult The Collins Firm to see how we can help you get the most from your lease negotiations.

  1. Commercial Leases

The second type of lease is the commercial lease which can be for equipment, software, or any of a wide variety of other products and services outside of real estate.

Commercial leases come in a wide variety of types, terms and styles.  These contracts are often negotiable just like real estate leases.  While it is not always possible to negotiate terms in a commercial lease, you need to know what you’re getting into before you sign.

Just as is the case with real estate leases, you may gain tremendous benefit from having your commercial lease reviewed by The Collins Firm before you sign.  Even though you may not be able to negotiate as much on a commercial lease as you can on a real estate lease, you have nothing to lose by at least trying to negotiate key terms.  Before you can do anything, you need to know what the key issues you and where they arise in the contract.  Many times, the most onerous terms of a contract may be hidden in the small print, so you need a good lawyer to translate the legal jargon to real words that you can understand and negotiate.

What can The Collins Firm do for you?  The Collins Firm can help you identify provisions worthy of further review and negotiation and will provide you with a clear and concise summary of how your company is being obligated going forward. Contact The Collins Firm today to learn how The Collins Firm can help you with your next lease.

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