It would be best if you had a good understanding of commercial real estate prior to venturing out into leasing a commercial property. According to Fahim Ekbal Moledina, You must be able to know and realize all the terms of the lease which are mentioned for you to figure out what accountabilities you will have to fulfill during the lease period. The information given here will give you an insight into details essential to know while venturing into taking up commercial real estate on a lease.
Many people don’t know that there’s a significant distinction between leasing properties that are commercial and residential in nature, even if they have previously leased residential properties. Therefore, it must be understood that there’s a reasonable degree of disparity between these two undertakings.
The prime difference is that in a commercial property lease, your responsibilities as a tenant don’t end with paying up the rent on time. One such example of comprehensive duties to be taken up by the lessee under a commercial real estate lease is to engage in the onus of paying the taxes on the real estate property either in full or might be part as stated in the lease contract or agreement.
You may even be forced by the lease contract to send in documents of sales information to the landlord. Usually, this is a norm seen in lease contracts like retail establishments, pubs or bars, restaurants, and many more. It may be a surprise to know that you would be forced to pay a small amount of your income from business when it crosses a specific mark.
There may even be clauses in the lease agreement that will make you, as the lessee, forced to make some payments in regular intervals that will be used to make changes or developments to the commercial property. This might be in addition to what you may already be paying for regular maintenance.
So, you should be aware of such clauses before agreeing to them and must be in a position to know and be able to negotiate terms to make it suitable and better for you so that you can have a much more peaceful tenure all through the lease period.
If you need more information about commercial real estate leasing, Fahim Moledina is the best person to call. Fahim Moledina is an expert in commercial real estate property.
