The lease is arguably the most important document for real estate investors. When you purchase real estate and its structural improvements, the lease dictates the detailed manner in which you generate income from it. Beyond just the monthly rent, the lease will outline the permitted uses, dispute resolution, timing of repairs, reconciliation of Common Area Charges, and termination.
Many of our clients come to us with existing leases and we assist them in negotiating renewal terms. This presents a different set of challenges as we need to modify existing terms to satisfy both the Landlord's and Tenant’s objectives and introduce new requirements that weren’t addressed in the original lease.
Why it is important to hire an attorney?
Our office provides ongoing support for clients who manage leases that require periodic notices to be sent to tenants. We can provide template documents for compliance requirements that work with any budget.
In the residential space, it is important to understand current case law on federal, state, and local regulations that affect residential tenancies. For example, federal discrimination in the application or approval process can subject landlords to fines and other penalties. Ensuring compliance with pet policies, service animals, and other reasonable accommodations is vital for every multi-family building owner. As owners strive to create new avenues of revenue these additions must be added in a thoughtful, deliberate process.
Building maintenance and operations require contracts with multiple vendors. Once we work with a client, we understand their personal priorities and can advise on contractual terms to maintain a consistent approach to all contracts.
For example, when we have a client who is risk-averse, they may require multiple compliance check-ins and approvals for charges by their property manager and require higher insurance minimums for any vendor who enters the property, but then feel comfortable with a general contractor agreement that permits large charge orders without written approval. This is not a problem in isolation, but we help you to maintain consistency in all legal agreements to avoid complications in the future.
Although Landlords try to avoid evictions as much as possible, it's going to happen at some point. As experienced attorneys who have completed many evictions, we know what types of terms cause difficulty in an eviction court. We will ensure that your leases include those clauses that guarantee the ability to collect on liquidated damages against a defaulting tenant.
Sign up to our newsletter to receive my Top 10 Commercial Leasing tips