By: Chase Howard
Reviewing a lease prior signing will save you extreme headache and cost in the long run. Landlords tend to act as if they have all of the power in negotiations and will make their own rules along the way. Lease negotiations are complex and involve significant business and legal considerations.
Here are guidelines to ensuring that your lease is reasonable and fair:
- Work With A Healthcare Focused Real Estate Agent: Working with an agent that knows healthcare space is important when it comes to issues involving zoning, fair market value of similar spaces, and important design features. Even just working with a real estate agent in general will help ensure that every aspect of the lease is considered and negotiated fairly, as well as contracted appropriately.
- Have Your Healthcare Attorney Review and Negotiate: Reviewing all the legal aspects of your lease will save you from disputes later on during the lease term. Not only will you need to understand the legal implications of each clause in the lease, but you will want to have the attorney ensure that the landlord and lease will be in compliance with any and all applicable healthcare and local regulations.
- Things to Consider in a Lease: While all leases are different there are some items that should always be considered when leasing space:
- Improvements – Will you need to make any improvements? How much will the landlord contribute to those improvements?
- Use – Many areas have zoning restrictions based on business type. Make Sure your practice is allowed before you get too far into the process.
- Access – As a practice owner, you’ll want to ensure you have access when you need it, late night or early morning, to run the business.
- Exclusive Use – Building a new practice? It would be best to ensure that your practice is the only one of its type in the location in order to limit competition