Whether you are a landlord or tenant, The Law Office of Finley Stetson can add value to your next transaction. Residential, commercial, industrial, office and restaurant leasing all have specific nuances.
Our team has the expertise to sidestep the common pitfalls that come with negotiating these different types of leases.
Residential leases are both the most common and most misunderstood form of lease. In fact, the residential lease is often the first legal document that we encounter as we set out on our own (or with some roomates). Amid all of the excitement of getting into the “new place,” people often focus solely on the amount of monthly rent and the security deposit.
For the tenant there are factors to consider that go beyond the amount of the monthly rent and security deposit. Therefore, it is very important for a prospective tenant to clearly understand his/her rights and obligations under the lease. A typical lease agreement will be for a term of one year and will address such matters as who can occupy the property, what improvements can be made by the tenant (i.e. painting, shelves, etc.), who is responsible for maintenance, pest control, and utilities, and the tenant’s right to assign or terminate the lease.
In addition, many institutional landlords have provisions in their leases that require the tenant to give the landlord written notive of his/her intent to not renew the lease at the end of the initial term. Failure to comply with this provision can subject the tenant to paying additional rent.
The law office of Finley Stetson can draw up a proper lease to take away ambiguity on these important issues.
Commercial lease is a general term, which covers leases of real property for business uses. Commercial leases include leases for office, industrial, retail, and restaurant uses. Commercial leases typically have longer terms and contain options to renew or extend the lease at the end of the initial term. Commercial leases have two broad sub-categories.
The first is gross lease, which means that the tenant pays the landlord a fixed rental amount each month and the landlord is responsible for paying the insurance, taxes, and maintenance of the property.
The second subcategory is the Net Lease. Under the terms of a Net Lease the tenant pays a fixed base rent along with a proportionate share of the building’s expenses for taxes, insurance and maintenance. With longer leases, tenants often demand exclusivity clauses and clauses that allow them out of the lease if their business grows and provisions that set occupancy requirements.
With your business or commercial property on the line, it is imperative to seek the help of the talented real estate team at the Law Office of Finley Stetson.
An industrial lease in South Florida is typically a Triple Net Lease or NNN. That is a lease agreement in which the tenant pays the real estate taxes, the building insurance and maintenance in addition to the fees for rent and utilities. These rents tend to be lower in price because the tenant is assuming some of the costs of the property. These NNN leases have become an attractive tool for investors because they mitigate risk while provide a steady income.
An important factor in negotiating an office lease is the relative size of the space being leased in comparison to the entire size of the office building. The tenant who rents the largest space has more bargaining more with the building owner. Tenants who have established, credit-worthy practices, household names and publicly traded stock are going to have more clout with prospective landlords.
Our real estate team is experienced to know that many leases begin as “boiler-plates” that serve the leasor and should be scrutinized carefully to root out inequities. Your business is too important to sign a generic office lease.
Based in lively area of Delray Beach, The Law Office of Finley Stetson has expert skill in the arena of restaurant leases. From exclusivity clauses to permitting process contingency clauses we are familiar with the unique issues restauranteurs encounter. Even parking is a crucial component to a restaurant’s success that must be codified in the lease. With special spots for take-out customer and easy access to food delivery drivers, the landscape of restaurant parking continues to change.
schedule a visit with us We’ve brokered these leases before and would be happy to guide your new restaurant to a successful opening.
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