Florida Real Estate Attorney for Commercial Leases and Lease Agreements
Many investors consider purchasing and leasing commercial property for profit. However, navigating the legalities and issues related to commercial real estate transactions, including commercial leases, can be complex. Therefore, you need an experienced Daytona real estate attorney who can guide you through the process of locating, purchasing, and leasing commercial property.
Your attorney protects your best interests throughout the process. You do not want to invest substantial equity in a piece of commercial property to discover some issues negatively impact your ability to lease the property for profit.
Purchasing Commercial Property in Florida
The first step in leasing commercial property for profit is to locate and purchase the property. A real estate lawyer, working with your realtor, can help you ensure that the contract to purchase the property has terms and conditions that are favorable to you and protect your interests. In addition, your attorney researches the title to ensure the owner has fee simple, clear title to the property.
Even though the buyer has an attorney who performs the real estate closing, you need a real estate attorney to represent you throughout the process. The buyer's attorney only represents the buyer. Because commercial property transactions can be complex with many potential legal issues that must be addressed before closing, you need a Daytona real estate lawyer whose sole focus is protecting you.
Understanding a Florida Commercial Real Estate Lease Agreement
Once you own the commercial property, you can list the property for rent. A clear, concise commercial lease is crucial if you intend to earn a profit by leasing your commercial real estate.
Understanding how a commercial lease works and the Florida landlord/tenant laws that govern commercial leases is paramount. Renting or leasing commercial property in Florida is a huge undertaking. When disputes or problems occur, you need to understand how the terms and conditions of the commercial lease combined with Florida's real estate laws and contract laws govern the outcome of the dispute.
An experienced Daytona real estate attorney can explain the terms of the lease and your responsibilities and duties as a landlord. You should spend time with your attorney discussing the matters related to commercial leases before purchasing the commercial property, especially if this is your first investment property.
Drafting the Commercial Lease Agreement
Commercial leases tend to be very detailed with many more terms and conditions than a residential lease agreement. Some businesses may require special conditions and features in the lease. Commercial leases are very flexible, which allows for extensive negotiations between the parties and customization of the lease agreement to accommodate the special conditions of a particular type of business. However, it is very difficult to break or change a commercial lease once it is executed. Therefore, you want to ensure that all the terms and conditions are correctly reflected in the contract that protects you and your property before you sign the lease.
As we negotiate the terms of the commercial lease, we structure the lease so that it contains remedies and protections for you in the event of a breach of contract or dispute between you and the tenant. For example, we want to ensure that the tenant is responsible for any upkeep, maintenance, and repairs that are associated with the operation of the business. You should only be responsible for certain types of repairs or maintenance. In addition, you want to allow the tenant the option of renewing the lease, but you want a condition that requires the tenant to renegotiate the lease payments and terms.
The above examples of the terms and conditions in a commercial lease agreement are only a small fraction of the overall agreement. Because you are considered a business person, Florida's laws tend to lean toward the assumption that you understand business terms and leases. Therefore, you do not have the same consumer protections associated with commercial leases as there are for residential lease agreements.
Because a lease agreement can bind you to unfavorable terms for many years, including automatic renewals of the lease term, we urge you to contact our Daytona real estate lawyers before you begin negotiations so that we can protect you from the onset of the process.
By working with an experienced Florida real estate attorney, you may have more legal options available to you should something go wrong than if you tried to negotiate a commercial lease without an attorney. Remember, commercial leases are binding, and you could lose a substantial amount of money by not hiring an experienced commercial lease attorney in Daytona.
Contact a Daytona Commercial Lease Attorney for More Information
If you need assistance negotiating, drafting, or reviewing a commercial real estate lease, please contact our office. Call (888) 316-2131 to discuss how our Daytona commercial real estate lawyer can help you as you purchase and lease commercial property.