CHAPTER 20 Red Flag Terms in Leasing erms in Leasing
During and even after your lease negotiations, you’ll encounter terms that you may not be familiar with. I’ve discussed a lot of them throughout the book to this point but this chapter discusses terms and phrases you may see in a lease that are red flags for your business. While it is important you understand each aspect, it is highly recommended that you get a real estate attorney to look over the lease. They’ll point out and tell you about any red flags they see. There are also other warning signs that a landlord or their representative may give throughout the process that you should notice as well. Not every business can hire a lawyer, so being as well-versed as possible in lease terms and negative phrases is a way to make sure you’ll see these signs. Naturally, a lot of these could be eliminated if you choose a great landlord who you know has a proven history of treating his tenants right. Unfortunately, that is easier said than done and some situations are unavoidable. Here are the terms and phrases that are red flags in leases or in dealing with a landlord. A LEASE THAT SEEMS TOO LONG OR ONE WHOSE LENGTH DOESN'T MATCH THE CONCESSIONS My first point here is a lease that seems too long. This is completely variable, depending on your business and the situation you and the landlord are in. It’s hard to generalize how long your lease should be. Anywhere from three to seven years can make sense. 125
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