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BUSINESS 101: Three Lease-Agreement Provisions to Negotiate for

from AreaDevelopment

Commercial office-space leases favor landlords, but lease agreements — like most other contracts — are negotiable. According to real-estate executive Troy Golden, you should try to add at least three elements to the agreement: an extension option would guarantee your ability to renew the lease for a predetermined amount or maximum amount for a given period (e.g., one year) or for a period of your choice (one year, two years, etc.). It could also give you the right to obtain more space. A termination option would allow you to exit early from your lease. You'll probably have to pay something, but how much? What should you give credit for? What might you have to reimburse? A right of first refusal would give you the right to lease additional, specified space by matching the highest verified offer the owner receives. You'd want to indicate when the owner must notify you of another offer and whether or not your extension option for your existing space would apply to the new space. There's a lot more to it than just that, of course. This is a good article to read. more

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