You have probably received warnings in Arizona about the complexities of commercial leases. If you signed a few rent leases for apartments in the past, you may feel fully qualified to tackle this. However, commercial real estate is a completely different beast. Whereas residential real estate laws mostly protect tenants, commercial law often works in favor of the landlord.
For this reason, you should think carefully and seek professional advice before signing on the dotted line. Doing your research now may save you from a lot of headaches later.
- Research the area
How well do you know this new spot you have chosen for your business? Even if you live up the street, what you look for as a business owner is different as a resident. Business News Daily recommends that you get a good feel for the potential clientele you might attract in this area. Also, is there a high crime rate on this particular street?
- Consider the zoning laws
Some landlords will reassure you upfront that you can open your type of business on their block. Is this really true? They may not be lying to you intentionally. They may actually believe they are correct. Do not take their word for it. Look up the zoning laws and find out what the actual regulations are. You do not want to find this out after your grand opening.
- Get to know who is who
Did you know that your landlord and building owner can be two different people? Find out who the business owner is just in case you ever need to reach them. Understand that if the landlord is a different person and neglects to pay their bills, you might get evicted along with everyone else. Check public records and online reviews to learn more about the landlord, his business and the specific property.
This article shares tips from Business News Daily on what to do before signing a commercial lease. It should not be used in place of real estate or legal advice.