How To Negotiate A Lease In New York
The cost of rent as determined by a lease makes up a large percentage of an individual’s or company’s monthly expenses. As such, it can be extremely important to your wallet to review the terms of your lease to ensure you’re paying fair market value for your rental property.
Residential leases in Westchester and Queens are typically presented to the renter on a take-it-or-leave-it basis. Oftentimes, the first opportunity to review the terms of the lease comes at the time of renewal (when many landlords decide to increase the rental price).
When negotiating the terms of a residential lease, both renter and landlord should conduct their own research to determine the price of comparable units on the market in the neighborhood and in similar types of buildings. Negotiations on fair market value can generally be conducted through polite emails exchanged back and forth.
Unlike residential leases, commercial leases are often open for negotiation between landlord and tenant. Whether you’re leasing a retail space, a warehouse, or an office building, you need to work toward favorable lease terms. The terms that are negotiable in your lease are generally the monthly rent, the right to sublease, and termination provisions. An exclusive-use provision can grant you the sole right to conduct your type of business within a designated area, giving your enterprise an added boost in the market.
There are two different types of leases often used in commercial real estate. A gross lease allows the tenant to make a fixed monthly rent payment, meaning the landlord is then responsible for paying maintenance, insurance, taxes, and utilities. A net lease, in contrast, requires the tenant to pay some or all of those costs.
Disputes Involving Residential Or Commercial Leases
When the parties involved in a residential or commercial property lease cannot agree, civil litigation might be necessary to settle the dispute. For those looking to avoid the time and money of going to court, mediation or arbitration provide more cost-effective methods to guide both parties toward a settlement.
No matter which method you use to settle your dispute, hiring an experienced real estate attorney is the most reliable way to protect your best interests or that of your business. With a lawyer knowledgeable about New York real estate on your side, your issues can be handled amicably and efficiently.
John M. Crane, P.C. Will Protect Your Best Interests In Lease Negotiation Or Litigation
Having an experienced real estate attorney at your side during a commercial lease negotiation can protect your business’s long-term interests. Your lawyer can work on your behalf to obtain a fair deal by reviewing the lease terms and assisting in negotiations. Should you need to settle a dispute through litigation, the concierge legal team at John M. Crane, P.C. has the experience necessary to craft your best defensive strategy.
At John M. Crane, P.C., we handle real estate matters including commercial lease negotiations on behalf of our busy clients in the New York area, including Westchester and Queens. We will ensure that your lease offers you the most flexible terms and brings you peace of mind. We strive to protect your assets by keeping your bottom line as low as possible, as well as looking out for your business’s best interests by avoiding any hidden traps in lease terms.
Throughout your entire lease negotiation, attorney John M. Crane will provide you a personalized concierge level of service to meet all of your business’s needs.
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