Once the ink has dried on the signature line of a lease document, it is natural to think that the deal is done. However, the process is far from over in the moments directly following business owners’ signing of commercial leases in Los Angeles and other parts of California. Some important steps still need to be addressed.
First, making a couple of copies of a lease can be helpful. One can be placed in a digital file that is easy to access, or it can even be stored in a desk drawer so that it can be referred to easily. The other one can be placed with the company’s payable department.
It may also be beneficial to create a lease abstract. This abstract details important dates for renewal options and purchase options as well as the amounts due for rent and any rent increase amounts. Finally, ensuring that the lease document is fully executed is paramount, as the occupants of commercial real estate in many situations are never provided with fully executed copies of their leases.
Signing commercial leases for new locations can be exciting for companies, as it is a sign that these companies are finally establishing themselves, growing or expanding. However, not understanding the lease negotiation process can be costly for a business owner in the long run. An attorney in Los Angeles can help business owners to review and negotiate leases on their terms so that their best interests are upheld as they seek to claim a profitable spot in the business world.
Source: ocregister.com, “Commercial real estate: A new lease is signed — now what?“, Allen Buchanan, April 17, 2017