If it is at all possible, and you are of course interested, try to negotiate an option to renew your lease while you are negotiating your first lease. Ask an experienced professional lawyer in the Tampa area about how you should go about this. Sometimes landlords will only provide a standard lease without any renewal option. But, it’s worth giving it a shot. However, if you do get an option to renew your lease, be on the lookout for these three key issues below. Take a look at them and review them with your lawyer in Tampa.
- Rent for Renewal
Chances are that your landlord will raise your rent when you renew your lease. But be careful here. Don’t simply agree to a rent increase. Make sure that you and your landlord agree on the new rent price ahead of time or that it can be more accurately stated in the lease. Again, have your local lawyer in Tampa assist you in this process. Don’t let yourself be blinded sided by an amount that you never would have agreed to pay.
- Renew vs. Extension
Are you renewing your lease or extending it? Renewing your lease creates a copy of the previous lease you just had. However, not all your rights pass over. That means you have to carefully look at what rights didn’t carry over to your new lease. Therefore, make sure all rights are explicitly agreed upon by both you and the landlord. An extension on the other hand extends the previous lease, without interruptions. Everything from the original lease is carried over, including all rights. This is a safer method for you, the tenant, because it protects you.
- Terms of the Lease
Sit with your lawyer when deciding what terms should still be in the new lease. Remove anything that is outdated or has already been completed. Additionally, be aware of what provisions or terms that a landlord might remove now that you already have one lease under your belts.
Renewing or extending your lease is an important step to take a close look at. Protect yourself and your business by sitting down with an experienced lawyer to make sure your lease is properly drafted. Don’t end up making a costly mistake by not taking this seriously. Check out our blog for more tips and info. Contact us today about meeting one of our lawyers!