End of Commercial Lease Checklist
Before signing a commercial lease, there are several things you need to know. Here is a checklist to ensure that you’ve covered all your bases. It’s important to document all details, including any photographs, meeting notes, emails, and other information. The checklist will help you identify damage and wear and tear, as well as anything the tenant has damaged. Moreover, you’ll have a record of all the details of the end of lease.
o Option to purchase clause: This clause states that the tenant has the option to buy the property at a price agreed upon during the lease term. This clause is not always included in commercial leases, and you should make sure it’s written. In some cases, it may be necessary to get the consent of the mortgage lender before you sign the lease. You can get legal assistance from a lawyer and ask for advice before you sign a commercial lease. Remember to get a copy for both parties to review and sign.
Another thing to remember is that tenants are often required to make certain repairs that are specified in the lease. In some cases, a landlord may ask tenants to repaint the walls and replace floor coverings. Make sure to discuss these obligations with your tenant. Make sure to set a deadline for these works. You can also refer to the condition report to make sure that they are meeting their end of lease obligations. In addition, you should consult with a lawyer to make sure that the agreement is in your best interest.