Your Commercial Real Estate Lawyer will draft and negotiate commercial lease agreements on your behalf that is customized to the requirements of the tenant and landlord for that particular transaction. Lease details and particulars are discussed with you whether it is for industrial, commercial or retail space.
If representing tenants, the Lawyer will make a detailed review of the draft commercial lease agreement of the landlord to ensure nothing untoward is included. Draft comments will be made and discussed with you to understand the priorities and take appropriate actions accordingly. Revisions to the lease are done based on this information.
If representing landlords, the Lawyer understands the lease intentions from a landlord and drafts the suitable and customized commercial lease agreement. They coordinate with tenants’ solicitors to make appropriate negotiations and make sure a mutually agreeable document gets drafted and finalized.
The Commercial Leasing Process
In the commercial leasing process, the landlord and the tenant enter into an offer to lease or letter of intent to lease. It includes the summary of the terms and conditions of the main lease which may be a gross or net lease. Many terms are noted here including the length of the term, conditions for extension or termination, right to transfer and much more. The offer to lease once accepted is to be used when drafting the long lease, as terms agreed in the offer to lease are binding in principal.
The offer to lease can include the provision where the tenant may agree to enter into the landlord’s standard lease. This is more favorable for the landlord and not so for the tenant as it can have financial implications for the tenant.
Standard leases are drafted in the format to protect the landlord’ legal rights. From a tenant’s perspective, it is advisable to enter into a formal lease which is acceptable to both landlord and the tenant.
A lease agreement is implied to be in force if the parties conduct themselves as if the lease is in force, even though it may not have been signed formally.