Terms You Want to Be There in Your Next Office Lease
You should be aware that residential leases and commercial leases differ significantly. In addition, businesses often find leasing a complicated process legally, especially if they are in a hurry to get it done. With this, you will be able to negotiate with your landlord to obtain the terms you want in your next office lease. By consulting with commercial real estate Corpus Christi, you can achieve the best results during the lease negotiation process. Now, let’s check it out!
Your next office lease should include these terms
1. Leases on Net
You can directly cover an unforeseen expense by taking out a net lease. Most of the money you pay in rent is after discounts or concessions have been applied.
Along with the rent, you must pay property taxes if you have a net lease. The landlord is responsible for handling the bill of other expenses.
2. Triple Net Lease
A triple net lease, also known as an NNN or net-net-net lease, requires you to pay the base rent plus three additional expenses. These generally include property taxes, building insurance, utilities, and other operating expenses.
Besides keeping your roof and exterior walls in good condition, you will also be responsible for plumbing and electricity.
3. Assignment and Subleasing
Tenants with long-term leases need to be aware of the subleasing and assignment clause. It is possible to lease all, some, or part of your extra space to a new tenant or transfer the existing lease to that new tenant by taking advantage of these rights.
4. A Release, an Indemnity, and an Insurance Policy
Lease agreements for commercial properties almost always have a clause clarifying who is responsible for any claims third parties make against the landlord. When it is normal for tenants to take a severe action if these damages are done due to their actions. You do not have to take authority for all the payments.
5. Renewal Clause
A renewal clause gives you specific rights to renew your lease at its expiration. Lastly, you might choose not to exert those rights and, in fact, start discussing new terms with commercial real estate landlords. This clause offers a safe landing just in the event that negotiation hits the rocks.
6. Common Area Maintenance
Common Area Maintenance is also known as CAM. It explains the extra money paid above the standard rent. You need to pay more if you do not want to be surprised after paying your rent and discovering your need. So, it is essential to ask your landlord all the necessary questions and doubts about all the common areas maintenance charges. So this will help you to finalize your lease effortlessly. Mainly, CAM charges include snow removal, repaving, and landscaping.
7. Notice and Opportunity to Cure
If you find any trouble paying your rent at the appropriate time, this clause forces the landlord to notify you and grant you grace for some days before starting the eviction process. You should also make sure the time frame is good enough before signing the lease agreement.
Bottom line
Getting commercial lease terms that offer the proper flexibility is tricky, and it also takes time. So, it is excellent to work with a realtors in Corpus Christi, TX that will help you understand all the terms of your next office lease. In addition, the commercial real estate professionals will focus on working with office and industrial space users to help them find the perfect best space for your new office and negotiate the best deals.
