Landlords and tenants appreciate knowing that the acquisition and leasing of commercial real estate is a lengthy process. To guarantee a smooth process each party, notably tenants, should be represented by legal counsel. If you are a renter, your M&A Attorney in Miami will likely ask you these four questions.
Is it all documented in writing?
Leases and other documents must be written in order to provide legal protection. Any changes should be documented in writing. Anything signed by the landlord or the renter should be documented in writing. You can’t be confident you’ve kept your half of the bargain without them in writing and signed paperwork.
What constitutes a breach?
While there are usually apparent consequences for failing to pay rent, the landlord may have specified extra requirements in the lease. The lease must specify what constitutes a breach and, if applicable, the length of the cure period. They must also outline what happens if something goes wrong.
What can tenants do with their space?
Unlike single-family homes, apartments, condos, and other residential real estate properties, commercial spaces can be used for a variety of purposes. Many leases restrict tenants to using the space for one specific purpose, such as in an office or warehouse. However, there are some situations where it is permissive (giving leniency and minimal discretion to the tenant).
Is there going to be a guarantor?
This is a question for landlords, but tenants should be informed of whether or not the commercial space’s landlord has one. A guarantee can help a business reduce its risk of not making ends meet and hence not paying rent.
Alvarez & Diaz-Silveira LLP is a corporate law firm in Miami, focusing on international and domestic M&A, finance, real estate and corporate immigration. For more information, visit us online or call (305) 740-1940.