It is really important if you are a small business owner that you are familiar with the terms of your commercial or retail lease and most importantly the timing for exercising any option to renew.
Timing is a crucial issue when it comes to exercising an option and missing the due date for it can have serious financial consequences for your business. At the least, you should diarise the dates well in advance.
THE IMPORTANCE OF EXERCISING YOUR LEASE OPTION CORRECTLY
You also need to consider what changes you may want to have in place in any new lease including a rent reduction or new terms before exercising any retail or commercial lease, and get your lawyer’s help in advocating for such.
Another good thing to do before exercising your option is contacting the agent to ask the landlord what rent that they intend to charge you if you exercise the option.
As you can see the importance of exercising your lease option correctly is important to your business.
Call us now on 9528 0235 if you need any help with your lease.