Do I REALLY need a lawyer to review my commercial lease?

By Brittany Buna.

Yes, having a lawyer review your commercial lease is highly recommended. They bring expertise that ensures legal compliance, mitigates risks, aids in negotiation, potentially saves costs, and provides peace of mind.

Here are some of the advantages:

  • Time: In many cases, business owners are tied up trying to manage their new or existing business, in that they do not have enough time to look over every.single.word to ensure that the lease is not skew in the Landlord’s favour.
  • Understanding Terms: A commercial lease agreement can be long and include many words that may be new or unfamiliar to a business owner. It is beneficial to have a lawyer review the lease agreement and explain particular clauses that may not be completely understandable to the lay eye.
  • Finding Red Flags: Commercial leases can be 3, 5, or 10 years long, which can seem like an eternity if you are stuck in an unfavourable lease. A lawyer can identify those terms and clauses that may be arbitrary or unreasonable and advise for them to be eliminated.
  • Risk mitigation: By thoroughly reviewing your lease contract, Beacon Law can identify and mitigate risks associated with the lease terms. This could include provisions related to liability, insurance requirements, maintenance responsibilities, or dispute resolution procedures.
  • Cost-savings: While hiring a legal firm may seem like an added expense, it can save you money in the long run. A lawyer has the ability to maximize your return on investment by saving you money over the years. A lawyer’s review could cost less than one month’s rent which is worth the possible issues arising in the future.
  • Showing seriousness: The act of having a lawyer review a lease shows the landlord that you are a serious tenant and you intend to understand and comply with your lease.

Beacon Law is specialised in commercial and business law and can assist with review of a commercial lease. Having a lawyer review your commercial lease is a wise investment for any business owner.

Testimonials

I always appreciate the quality service I receive from Del, Lianne and all of their staff. Knowing that the law profession can be extremely busy, I am consistently impressed with the promptness of their service and the level of their detail. I have referred many people to Beacon Law and without fail they are always happy with the service they receive. One standout feature of their service that differs from many other lawyers, is that they always see a project through to the end, without needing reminders. The staff at Beacon Law are just as helpful and courteous as Del and Lianne. I know that I can contact Kelvin or Sharron, or Whitney, among others and they are always happy and willing to help.

E.H., Accountant