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What to know about commercial real estate leases

On Behalf of | May 27, 2021 | Commercial Real Estate

Moving into a commercial building may be an effective way to scale your Nevada business. However, it’s important that you fully understand the terms of the lease before signing it. An attorney can review a proposed agreement before it goes into effect to determine if its terms are reasonable.

What costs are you responsible for?

It’s not uncommon for commercial tenants to pay for any repairs that need to be made to a property. It’s also not uncommon for commercial tenants to pay property taxes, insurance premiums and other costs associated with controlling a space. These costs are generally added to the base rent that you’ll pay your landlord each month or quarter.

What happens if you want to terminate the lease early?

There may be several strategies that you can use to get out of a lease early. For instance, you could simply ask the landlord to terminate the agreement before it is scheduled to expire. It may also be possible to ask the landlord if you could sublet the property to another entity until the current deal expires. Finally, you could simply vacate the premises and renege on your commitment to make payments to the building owner.

In such a scenario, the property owner could file a lawsuit seeking unpaid rent, legal fees and other costs. However, it’s important to note that this person would also be required to take reasonable steps to find a new tenant. An attorney who has experience with commercial real estate cases may be able to provide more insight into what might happen if you simply vacated a building before the lease expired.