It’s quite good if you have decided to move to a larger place for your new business. There are certain things you should consider when negotiating your startup office lease.
The first rule for choosing a startup office lease is leasing a place that is enough for your business. The space matters a lot; if you lease too big a place, you may have to pay an excessive amount of money for it. On the other hand, if you are planning to add more equipment and to hire more people, then you should choose a space that will fit you all. Hence, make sure you add a line in your lease contract about your right of either expanding or reducing the size of the space you are leasing.
Another important thing to consider when negotiating your startup office lease is the expenses. You should inquire from the landlord what other expenses beyond the rent are awaiting you.
If yours is still a small business, you may not want to lease an office for a very long time. Many landlords only sign long-term lease contracts, however, if you try harder, you will find landlords who are ready to provide a space for a shorter period of time.
It is crucial to include an early termination right in your lease agreement. Because you are a startup, your future may not be certain. Hence, you may want to terminate the lease agreement earlier than it was decided upon. In order to avoid future troubles, you should ask the landlord to add a clause about your right for early termination. Besides, decide a certain amount of fee that will serve as the termination penalty, if the lease contract is terminated earlier.
Read the lease contract
Read your startup office lease contract carefully before you sign it. Make sure you get familiar with all the clauses mentioned in the agreement. Ask the landlord to provide you with the copies of all the documents you have read and/or signed.
Hire a lawyer
When it comes to leasing, it may be rather hard to avoid traps and tricks of some fraudulent landlords. Hence, hiring an attorney may be the wisest decision for your business. A lawyer who is ready to handle commercial real estate planning matters may be of great help to you. If you reside in the state of California and you think you need the help of an experienced lawyer, you should contact the Margarian Law Firm at (818)-553-1000. The Margarian Law Firm is a California based full-service law firm that offers comprehensive and aggressive legal help to its customers.