Do I Need An Attorney For Lease Review?
By LC on Dec 27, 2007 in Ask The Strip Mall Insider
From Jason in Lansing, MI
Q: I am opening a game store in a strip mall. I have a good rent deal, but the lease is 35 pages long. Should I pay a lawyer to negotiate with the owner?
A: Well, Jason, I have a couple of recommendations for you. First, I am assuming you are a start-up and if so, don’t plan on many changes to the lease. Bluntly, you just don’t have the leverage as a first timer. Now, that doesn’t mean that you shouldn’t have a good real estate (not family practice) lawyer review your lease. I always recommend that to my tenants, although actually very few of them are willing to spend the $1,000 or so for that review.
A good real estate lawyer can at least tell you your liabilities and consequences in the event of default. Many tenants simply ask me, as their landlord, “what happens if….” and I try to give them the worst case, then the most likely scenario. Depending upon your landlord, and you should have a feeling for him by now, that’s a no cost route that seems to satisfy many start ups like yourself. There are also some good books on the subject, too. See below.
Hopefully you’ve looked at some articles on our site, but be sure to read the 4 Rules for Potential Tenants article before you ink the deal. Good luck in your new venture, Jason! ~ LC
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