For a tenant, when a lease ends, it always important to recover your security deposit. In many cases, it can be a substantial amount of money, especially if the lease involves a business’s commercial property.
A requirement for a security deposit, which protects landlords from damage to their property caused during a tenant’s leasehold, and is typically controlled by the language of lease contract regarding how a tenant may obtain its return at the end of the lease. This is important. As a tenant, you need to understand what is encompassed by the security deposit and the proper steps for obtaining the deposit back.
Because a commercial lease agreement is presumed to take place between two sophisticated businesses, the landlord has great flexibility in choosing many of the terms of the lease agreement. When you are looking for commercial property to rent, one item you should consider is how negotiable the terms of your lease may be.
If a landlord is unwilling to negotiate the terms of the lease, you should be very cautious prior to signing any agreement. You may also want to consult with your attorney and make a close examination of the lease. If there are clauses that give too much power or discretion to the landlord and they are unwilling to negotiate any changes, you may be better served going else ware for your property needs.
This is important because this contract will control your interaction with your landlord and once a dispute arises, you will be stuck with that language, no matter how unfavorable it may be. Before you sign a commercial lease, you should understand fully your rights and obligations under the lease.
Details like the amount of the security deposit, whether it can be used to cure a default on the lease, and if you have a dispute, if the landlord can take that money without a resolution of the dispute, may seem unimportant in the excitement of taking possession of a new property. But if something goes wrong, it could become an expensive mistake.