Whether opening or expanding a business, a new commercial location can be very beneficial. However, with that new business acquisition comes additional risk of business litigation.
It is important that business owners go into any agreements with a full understanding of the terms. There are a few key facts to know about the Florida commercial lease.
Lease agreement terms
Property owners are able to construct their own commercial lease terms, as long as they align with Florida's landlord and tenant regulations. Though there are many different things that landlords may require and include in their agreements, there are a few common agreement terms that tenants should look for, such as:
- Space the rental includes
- Lease term and termination requirements
- Conditions for security deposit
- Any additional fees outside of rent
- Property maintenance responsibilities
- Dispute mediation process
If there are any parts of an agreement that a leaser does not understand, it is important to seek clarity before signing. Also, business owners may utilize their negotiation skills to modify or remove terms they may not agree with, or to add in any that they may desire. Any changes should be put into writing, preferably in the initial agreement.
Not a residential lease
Commercial and residential leases are quite different. The major difference is the property owner's freedom in the lease terms and stipulations. With fewer regulations, they have quite a bit more wiggle room, whereas a residential lease provides more consumer protection with a uniformed agreement process. However, this freedom can work to benefit the landowner and the business owner if they work together to come to terms they can both agree with.
These are a few of the key factors in the commercial leasing process. Those business owners contemplating a lease should take time to review the law and the contract fully. It may also be beneficial to speak with a knowledgeable attorney to ensure that the new lease serves as a solid business decision.