Written By: Brandy Miller | July 1, 2017 | No Comments
When you signed your commercial lease, you may have expected to stay at the property for a specific period of time. Many things can happen in the course of business, though. The property may not be as beneficial for your business as you expected or your company may not take off as much as you anticipated.
Simply walking away from a lease can result in penalties, but there are ways to get out of the agreement with few or no negative repercussions:
Evaluate Your Situation.
If you are leasing in an in-demand area, the property owner may be perfectly happy to have you leave because he or she can rent the property easily to someone else for more. If there is something wrong with the property or the landlord has broken the agreement in some very fundamental way, you may also have the right to break the agreement. However, you will want to consult an attorney before taking this step, since you may be sued for breaking the lease.
Talk to a Commercial Business Lawyer Near Reading, PA, or Wherever Your Leased Property Is Located.
If there is something wrong with the property or if you think the property owner has broken the terms of the lease, it’s important to speak to a commercial business attorney. If you expect the property owner to make it difficult for you to leave your lease, an attorney can also help you negotiate and help to ensure you don’t face unnecessary penalties when leaving.
Know Your Rights.
Take a look at your lease agreement with a business lawyer near Reading, PA or your community. If you have a co-tenancy clause, you may be able to leave your lease more easily if a key tenant leaves the same property. If you have a bailout clause, you can leave the lease if your sales don’t get up to a specific predetermined number. Take a look at your agreement with an attorney to determine whether there are any exit strategies you can use.
Find Another Tenant.
If you can assign the space to someone else, legal liability will be placed on the new tenant. You can also sublease the space, if your lease allows it, but keep in mind you will remain legally liable for payment, which can be a problem if the new tenants skip rent.
If you’re looking for a business lawyer near Reading, PA, contact Miller Law Group, PLLC for a consultation. We work with local and international businesses in Pennsylvania, helping them achieve their business goals.