Mistakes made in the initial stages of finalizing a lease negotiation can come back to haunt the tenants later. It’s not entirely their fault but taking a
commercial property on lease is definitely a daunting task than taking a
house on rent.
Outlined below are some of the common mistakes made by the tenants:
Not Employing an Experienced
Real Estate Agent :
Always avail the best advice from a commercial property specialist and not a residential property specialist while leasing the commercial property. You may have to shell out extra bucks for this but its worth spending.
Accepting the clauses as they are :
Avoid this!!! Several tenants miss the clause regarding breaking the lease. Those who actually require breaking the lease are generally not ware of the specified time period within the lease for serving a valid notice.
Signing the agreement without going through it :
It’s another big mistake. Many tenants see the lease agreement as a general document which they think is same for every commercial property. However, it is not so. The lease is prepared after inspecting each and every aspect of the rented premises. Always consult your lawyer or a competent tenant consultant when signing the agreement to avoid nasty surprises later.
Setting the rent is the only job :
This is one of major misconceptions the tenants have when negotiating the lease. Landlords will always try to make extra profits and they may not prefer to play a fair game if you yourself do not check the pitfalls. Always have the experts’ advice at hand to provide you with information and services which you can use to accomplish the best possible rental rates and build firm business protection into the lease agreement.
Landlord’s agent is like another dealer :
Well! He is not. Watch out when dealing with landlord’s agent who is generally skilled in tricks of the trade that you may find to your dismay.
Article Source: http://www.RealEstatePropertyArticles.com.
About the Author:
Bikash kumar is the contributing author to the Indian Realty News for distinct articles and news. Indian Realty news provides news on commercial and residential properties of various cities like Delhi, Gurgaon, Mumbai, Chandigarh and Bangalore etc in India along with news on latest property investment, finance and property loan and laws in India.
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Mistakes Made By Tenants When Leasing Commercial Property
