Most people who have dealt with any type of real estate know that no two transactions are the same. When business owners or operators are looking for commercial space to lease in New Jersey, it is especially important that they are cautious and thorough in their research before signing a commercial lease, even if they have leased a space before. These documents can contain different terms, and negotiations are typically wise.
Whenever considering commercial property, certain details are critical to keep in mind in a lease, including the following:
- Rent and other payment terms
- What happens if a tenant defaults on rent
- Restrictions on property use and subletting
- Who is responsible for maintenance and repairs
- Liability limitations
- Any penalties for terminating the lease early
These details are crucial to understand because some landlords may place all of the responsibility for maintenance on the tenant, which could mean more expenses for the tenant. Additionally, it is possible that use restrictions could result in a business not being able to carry out certain parts of their operations if it is not allowed on the property. Other loopholes or confusing terms could also be present in a lease if a landlord hopes to make the contract more favorable for him or her than the tenant.
Even if a commercial space looks perfect as a property, the lease could be a deal breaker. Of course, many New Jersey landlords are open to negotiations, and potential tenants may be able to come to terms that allow them to feel comfortable moving forward with the lease transaction. In order to hopefully achieve the best terms possible and to avoid being taken advantage of, having the assistance of experienced real estate attorneys during such a transaction may prove useful.