Commercial Leases Attorney in Overland Park, Kansas
As an entrepreneur, you know what it takes to make your dreams a reality and develop a business plan from start to finish. For many individuals or businesses, one of the many steps involved in this process is obtaining a commercial lease or leasing property. However, there’s a lot you need to know before signing a contract. By educating yourself about landlord and tenant rights, as well as the basic provisions of a commercial lease, you can ensure your business is set up for success.
If you’re in the Overland Park, Kansas, area, reach out to us at Coppaken Law Firm for legal advice and assistance you can trust. We’re able to serve clients in the Kansas City, Missouri, area and throughout Johnson County and Jackson County.
Overview of Commercial Leases
A commercial lease is similar to a residential lease in that you’re renting a piece of real estate that will be managed by a landlord and there are certain rights and responsibilities of both parties. However, with a commercial lease, the tenant does not live on the premises and instead will operate their business from it. As such, there are different expectations and requirements.
In general, commercial tenant rights are less extensive than residential tenant rights, and because of this, many individuals choose to work with a real estate attorney when entering into a new lease agreement. Commercial tenants have fewer protections regarding their rent, security deposits, and privacy. It’s generally harder to break a commercial lease than a residential lease. An experienced attorney can help you negotiate and write up the terms of your lease to best protect your business’s interests.
Commercial lease landlord rights tend to be more protective and generally outline their responsibilities and liabilities, including upkeep of the property and ensuring the building is in compliance with all local ordinances.
Important Provisions of a Commercial Lease
Because commercial leases can differ so much from one another and do not contain the same protections as a residential lease, it is up to both parties to thoroughly review the terms of the lease to ensure it meets their needs.
Most commercial leases last for three to five years and will focus mainly on how you’ll operate the business during this time. All will include a covenant to pay, meaning how much rent will be paid monthly or yearly, and when and how increases in rent will be addressed. They will also include information on how much the security deposit is and what the requirements are for it to be returned at the end of the lease.
Finally, all leases will outline responsibilities for the property itself, and these are commonly divided between the tenant and landlord.
Additional Lease Considerations
Together with your attorney, you’ll go through the lease line by line to ensure you understand all its provisions, to give you an opportunity to include or contest components you don’t agree with, and to review the various considerations you’ll have to take into account.
One is how you’ll divide the maintenance of the property. Sometimes this means that the landlord is responsible for the exterior of the building while the tenant is responsible for the interior, but this can vary widely depending on your agreement.
You’ll also need to be sure you know who’s responsible for repairs and modifications, determine who will pay for what utilities, who will pay the property taxes, and what kind of insurance each party is expected to maintain.
How a Real Estate Attorney Can Help
Because there’s so much on the line when you sign a commercial lease, it’s highly recommended that you work with a real estate attorney to protect your best interests. An attorney can ensure you’re getting a fair deal and can alert you to any potential concerns that could come up down the line.
Commercial leases are notoriously hard to break and tend to favor the landlord, so this added oversight is essential to make sure your business is on stable footing. Even a seemingly small detail could turn into a much bigger issue later on. These leases are almost never standardized, so each one will need to be examined on its own.
Furthermore, most commercial landlords have teams of lawyers on hand whose goal is to write the lease with the most favorable terms for the landlord. You need someone in your corner who understands local business and real estate law and can advocate on your behalf.
Commercial Lease Attorney Serving Overland Park, Kansas
Starting a new business is both an exciting and nerve-wracking time, and one of the most important decisions you’ll make is the location you’ll operate out of. At Coppaken Law Firm in Overland Park, Kansas, we can help make this process a little easier. Call us today to schedule a consultation and take the next step in your business plan.