Useful Tips to Remember When Considering a Commercial Tenancy

 Commercial tenancy is perhaps one of the most conflicting and overlapping areas of Canadian law. For a successful tenancy, you have to be organized and understand your Landlord’s contractual and common law duties.

INCORPORATE YOUR BUSINESS BEFORE YOU ENTER INTO A COMMERCIAL TENANCY

This will allow you to sign the lease contract as a business rather than as yourself. In case of any defaults, you will not be held personally liable for it. You get more legal protections as the director of a corporation than personally. It is also advised to add a clause dissolving your business partnership if an irreconcilable dispute arises among the tenant business partners

EXERCISE BARGAINING POWER WHILE NEGOTIATING A COMMERCIAL TENANT LEASE

When drafting the details of your lease, carefully itemize all the costs to be paid as part of the ‘RENT.’ Conflicts are bound to happen, and sometimes, as the affected party, you might rush to a court near you to file applications. Invoke a clause of compulsory mediation in case of an irreconcilable dispute with your Landlord. If you must, get the help of a legal advisor or even a paralegal near you to help you put together a favorable lease.

ASK FOR THE ARCHITECT’S CERTIFICATE OF RENTABLE LAND

Always ask for the site plan that is measured to scale. This document clearly states which parts of the unit are dedicated to office space, manufacturing space, and industrial space. It also states which part of the building can be altered and which can’t. If there are errors within the diagrams and apportionment of spaces in the lease, then you as a tenant can file a case of misrepresentation against the Landlord.

RETAIN THE SERVICES OF A LEGAL ADVISOR TO CONDUCT A TITLE SEARCH OF THE SPACE YOU ARE LEASING

Keep yourself protected against the Landlord’s debts or contracts with third parties. Before you lease out a property, make sure that your Landlord’s mortgages, liens, or any encumbrances related to the property will not hamper your operations. Get the help of a legal advisor or a paralegal near you to help you with the title search.

Source: Useful Tips to Remember When Considering a Commercial Tenancy


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