If you have a commercial property that you’ve been renting and your lease is coming up, you likely will have the option of either renewing your lease or letting the lease lapse and finding a new place for your business location.
If you’re choosing to go with the latter, there are a few things that you should do to make sure that you’re not in breach of contract and that you leave this property and your relationship with the owner on good terms.
To help you in doing this, here are three things to do when you choose not to resign the lease on a commercial property.
Revisit Your Lease Agreement
As soon as you know that you’re not going to resign the lease to the property that you’ve been using for your business, you should look back at the lease agreement that you originally signed and see what it states about when the term of the lease ends.
In most lease agreements, you’ll find information about how to go about giving your notice that you’re not going to renew your lease, how to leave the property once you’ve no longer working there, and what fees you might be responsible for based on the condition of the property once it get turned back over to the property owner. With this information, you can better prepare for the end of your lease.
Put The Space Back In Its Original State
In most cases, you’re going to have to put the space back to its original state when your lease is over. And depending on how much you did to change the space, this could be a long process.
In some situations, you might need to hire reinstatement services to help you get everything back to how it was before in the timeframe that you have available to you. While there might be some changes that you may have made that the owner might want to keep, especially if they made the property more valuable or helped get it ready to use for the next tenant, there will likely be a lot of work that you need to put into getting everything back to the way it was.
Give A Report On The Condition Of The Space
When the time comes for you to move your business out of this leased space, the owner of the property will likely want a report on the condition of the space.
Ideally you would have made note of anything that was amiss about the property when you moved in so that you won’t be held responsible for issues that weren’t of your making. But if there is wear and tear that was your responsibility, you’ll want to make sure that you truthfully answer any questions about it that the owner might have.
If you’re going to give up the lease on your commercial property, consider using the tips mentioned above to help you know how to best go about doing this.
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