The most important thing that is required to start a new business or expanding the existing one is an office space. For businesses that are just starting out, buying one might not be a practical solution. However, leasing an office suite is a good solution as it offers lot of flexibility besides great cost-benefits.
AÂ commercial lease agreementÂ is a bond between the owner and the tenant that binds them legally. The lease agreement allows the tenant to use the property for commercial purposes for a certain period of time in exchange of said amount money to be paid to the property owner.
A lease agreement includes many terms and clauses such as the lease amount, term of the lease, amount of security deposit, accountability for repairs and the process for eviction. One thus needs to be deliberate enough to understand the significance of a lease agreement.
Have a glimpse at some of the important points that requires due consideration before being signed.
- Analyse all the basic elements of the lease agreement so as to ensure that they are in line with what has been agreed upon orally with the property owner.
- It is important to ensure that the agreement has the provision to penalize the property owner if the leaser is not allowed to take the possession of the property on the due date.Both the parties should have one original copy each of the signed agreement for their own personal record and reference.
- It is also necessary to ensure that the lease agreement is properly dated.
- Hiring the services of a real estate agent or a local lawyer who have the knowledge about legal terms and clauses is advisable before taking the final leap. This would prevent you from taking a wrong decision.
Vatika Business Centre, which is a premier provider of ready to use professional office spaces, holds presence in some of the major cities of India. Clients can avail these spaces on rent or on lease as per their convenience. Besides cost-effective prices, the terms and conditions offered in the lease agreement are simple and could be easily understood and agreed upon by businesses looking to hire office spaces.