Things New Business Owners Should Know Before Renting Commercial Property in Florida

Sunnyside, FL—Renting out commercial space is exciting, even if it is going to be utilized as a personal office. The fact is, commercial properties can be utilized for many different things. An individual might choose to operate a store out of one or use it as a place to offer financial consulting services to the public.

The uses of commercial spaces are endless which is why they are so attractive to individuals who are looking to move their business out of their home or start a new company. If an individual is considering renting a commercial space in or nearby to Sunnyside, FL, there are a few things they need to know before signing any documents or putting any amount of money down to reserve the property.

Avoid signing as a guarantor.

A guarantor is someone who signs an agreement such as a lease and agrees to take on the financial responsibility if the person renting the property is unable to pay. For example, if Mark signs a commercial lease agreement and has Mary sign as his guarantor, Mary would assume responsibility for the rent and any other expenses if Mark was unable to pay.

While a person can have someone else sign a lease agreement as their guarantor, they can also sign as themselves. For example, if a business owner is looking to rent a commercial unit, they can sign the lease using their business name and sign as the guarantor using their legal name. When they do this, both their business assets and their personal assets are put at risk if they are unable to meet the terms outlined in the lease agreement.

Therefore, to help prevent a person from potentially losing their personal property should they break their lease, they are encouraged to only sign their lease agreement using their business name. If the landlord requires a guarantor, they should first consult with a Sunnyside, FL business law attorney to ensure the decision they make is in their best interest.

Consider the length of the lease before signing the agreement.

Lease agreements range in length. While some landlords offer one-year lease terms, others require that a potential tenant sign for three years. Individuals who want to rent a commercial space for their business need to be sure they will be able to cover all monthly costs for the entire lease term.

Those looking to open a new business might want to consider starting with a short-term lease so that if business doesn’t pick up as quickly as they’d like, they won’t be stuck in a three-year lease or forced to break the agreement. If a tenant breaks a commercial lease agreement, the landlord does hold the right to take legal action against them.

Legal Counsel P.A. Can Help a Business Owner Who is Looking to Rent a Commercial Space in Sunnyside, FL

If an individual is looking to rent a commercial space, the Sunnyside, FL business law lawyers at Legal Counsel P.A. can help them understand all the terms they are agreeing to in the lease agreement. This way, they can make an informed decision as to whether they should sign.

Legal Counsel P.A. is located at:

189 S. Orange Avenue, Ste. 1800

Orlando, FL 32801

Phone: 407-395-2653

Website: www.legalcounselpa.com

Email: [email protected]