With the job market shrinking, a lot of people are starting new businesses, and when doing that they sometimes enter a lease based on what the agent leasing the retail space tells them. Please be aware of what you are signing. Most landlords that rent retail space have a clause in their lease that state that the tenant is not relying on anything said to that tenant during the negotiations. What does that mean to you? Well you may want to sign a lease renting retail space, because you have been told that a big name retail store is going to be right next to you, and you will benefit greatly by their presence. After you sign the lease, you realize that no big name store is coming, and that they were never coming? By allowing this representation clause to remain in your lease, you may be stuck. The lesson to learn here is to not ignore provisions of your lease, as they normally will protect the landlord, and not tenant.
Comments are closed.