The following is an excerpt from Jamie Moorhead's new book, Tenant Leasing 101, now available in paperback and Kindle formats on Amazon here:
If you are leasing commercial space, it is a very good idea to ask a real estate attorney for help. Even short leases can have tricky provisions and legalese that might not be as straightforward as they appear.
Hiring a lawyer can be an intimidating process, so here are some key points to consider when hiring one:
Some lawyers will claim to be real estate lawyers even if they never regularly practice in this area. These lawyers can be easy to spot – on their website bio, they will list several unrelated areas of law, including real estate. Sometimes these lawyers are great; sometimes they are trouble. If your lease is of any significance (and real estate usually is the second biggest obligation of a company behind payroll), it is important to make sure your lawyer actually knows real estate.
Asking trusted friends and business acquaintances for a referral is a good way to find a lawyer. Ask them both how the legal work was and how the relationship was. You want an attorney with whom you can work, not one that never calls you back, talks at you and not with you, or is intimidating. The right personal fit is important.
There are a million jokes about lawyers, and many of them are not without reason. Lawyers can be high priced, and you often will not know the final cost until you receive the bill. This can create a huge anxiety, particularly in a slow economy. Two recommendations are to ask for a fee estimate and a...
For more, please visit Tenant Leasing 101 on Amazon here.