LETTER OF INTENT CAN RESULT IN BIG SAVINGS

Want to save time, money and effort in lease negotiations? Work with the other party to develop a fairly detailed letter of intent.

CLEAR DESCRIPTIONS AND DRAWINGS AVOID CONFLICT AND SPEED OPENING

Want to structure your lease to speed your opening and avoid conflict with your landlord? Make sure the lease clearly describes the space you are renting.

SHOULD YOU CHECK THE TITLE TO SPACE YOU WILL BE LEASING?

If you are considering leasing space it is a good idea to check the title to the property on which it is located. Besides assuring yourself that the landlord actually owns the property, you may discover an encumbrance which is inconsistent with your business.

HOW TO KEEP A GOOD LOCATION - KEY THINGS YOU NEED TO KNOW

What can a tenant do to keep a good location? Create options to extend the term of the lease, make the conditions for exercising the options workable, and get the exclusive right to sell your products and services.

THE LANDLORD WANTS YOU TO SIGN AN ESTOPPEL CERTIFICATE. WHAT IS IT AND HOW SHOULD YOU RESPOND?

It is a document designed to give a third party, such as a lender or purchaser, reliable information on the relationship between a landlord and tenant. Respond carefully because it can give the third party rights against you if the information is incorrect, incomplete or misleading.

LIMITING YOUR DAMAGES IF YOU DEFAULT - KEY THINGS TO KNOW

Sometimes the leased space you thought would be a winner for your business turns out to be a loser, and you have to shut it down even if it means defaulting on your lease. That can put you at risk of paying some big damages to the landlord. What could you have done during the negotiation of the lease to limit your exposure?

HOW TO KEEP THE LANDLORD FROM KEEPING SECRETS

Insist on including landlord warranties and representations in your lease, stating that at least to the best of the landlord's knowledge, the premises is not contaminated with hazardous waste, and that there are no legal actions, code violations, labor problems, and the like, which could interfere with your opening and operation. If the landlord refuses, it could be hiding something you should know about.