Atlanta Business Lawyer Blog
In my practice as a commercial real estate lease lawyer, I have found the majority business owners will have to deal with the reality of entering into a Georgia commercial lease agreement at some point in during the course doing business. Commercial leases can be lengthy, complicated, convoluted, and practically impossible for even the most sophisticated businessperson to understand. They may utilize industry standard terms such as “triple net lease”, “Subordination”, “Estoppel Certificates”, “Tenant Improvement Allowance”, all of which have legal significance and significant legal implications. There are also always practical issues such as parking, signage and business hours, indemnification and insurance issues, which seem to look harmless in the lease, but may have widespread significant and destructive consequences to the business tenant and even the landlord if not thought through and considered during the due diligence period. The due diligence period is the period in which the parties to a contract, agreement or other business matter are negotiate, research, investigate and consider all issues which can be thought of before any business transaction should take place. During this due diligence period, all commercial leases should be carefully reviewed and scrutinized by an experienced Georgia lease attorney from a Georgia real estate contract law firm. This should be done prior to signing and by both the property owner, prospective tenant and any other party to the contract or agreement.
Remember that once you or your authorized representative signs a commercial lease, you will be bound by its terms. It is common for commercial leases to bind parties for many years on end or even decades or more. There are oftentimes options for additional terms in the lease or agreement that can be exercised and should be carefully thought through. That being the case, a commercial lease can be worth hundreds or thousands of dollars or more, and as such, may be a substantial asset or a liability to any business depending on your position.
There are many working parts in a commercial lease. Often times, many of these parts are negotiable and it is customary and wise to have an experienced Georgia real estate contract attorney to protect your business and personal interests. As such, each of these elements should be understood and considered when negotiating and/or entering into a lease and prior to signing. If you have concerns or fail to address them, you are likely setting yourself up for prospective trouble in the future. As you would expect, commercial landlords usually have ready and offer the initial Georgia real estate agreement to the prospective tenant. They have already paid their experienced GA real estate contracts attorney to draft these agreements in their best interests and with all terms most favorable to their interests. Both landlords and prospective tenants need someone in their corner to protect their best interests when proposing and entering into these specialized real estate contract agreements in Georgia.
Regardless of what you may be told or think about the terms of the lease you will be entering into, or whether you believe it to be a simple standard lease or some other type of agreement, always remember that you, as the prospective tenant and/or business owner hold the key to the future of the business. As such, you must realize that the place of where you will do business and the terms under which you will be governed are some of the most important matters that you should consider in your business plan.
In all my years of practice, I have seen all different problems arise from failure of one or even both parties to have their real estate leasehold interests properly represented by a legal professional. My strong word to the wise is don’t sign anything until your attorney reviews and approves it or has the necessary and proper changes made, addressed and if need be, negotiated. Having your commercial lease reviewed by an experienced attorney prior to signing it is well worth the little effort, trouble and cost that you will be likely saving yourself in the future
We at The Libby Law Firm want to stress the importance to both the landlord and tenant, that review of the lease by an attorney during the due diligence period can likely save you future hardship, lost profits and the success of your business may hinges on just a few lease provisions that you fail to address or understand. Our Atlanta Georgia real estate lawyers have some of the most sophisticated and essential experience in dealing with any contract, lease or other legal agreement type issues before it’s too late. We are conveniently located in heart of Buckhead and would welcome the opportunity to review, negotiate, draft or provide any of the necessary real estate lease, contract, agreement or other necessary legal services to you to ensure your interests are thoroughly protected. To speak with an experienced Atlanta real estate attorney, call us at (404) 467-8611, or send us a confidential e-mail.