"As a commercial real estate developer and attorney, I have negotiated well over 500 shopping center leases. Stu's understanding of the business and legal aspects of shopping center transactions enabled his client to ask the right questions, to obtain the items the client needed to run a profitable business and to negotiate a lease fair to both parties -- the hallmarks of a successful transaction."
OVER 20 YEARS OF HELPING CLIENTS TO:
LETTER OF INTENT CAN RESULT IN BIG SAVINGS
Want to save time, money and effort in lease negotiations? Work with the other party to develop a fairly detailed letter of intent setting out all of the business terms that are particularly important to you, such as the lease term, options to extend the term, the date the space will be available, the location to be leased, the square footage of the space, the rent, the parking available for the tenant=s use, the tenant improvements to be made and/or paid for by the landlord, preliminary approval of signs and decor, and so on. Include every "must have" item which you believe is required for your success. A letter of intent is usually signed by both parties and commonly states that it is not binding, but represents their good faith intentions on major business points to be incorporated into the lease. If you cannot agree at the letter of intent stage there is no point in getting into detailed negotiations of the lease provisions. Such detailed negotiations are very useful for reducing your risks in entering into a long term agreement such as a lease. However, they take time and effort and often result in substantial legal fees, much of which can be saved if you learn early on that no agreement is possible. You can also get a quicker start on looking for alternate space.
With over 20 years of experience Stu Heller helps his clients make smarter business and leasing deals. His website is at www.theleasinglawyer.com and his office is located at 11400 SE 8th Street, Suite 260, Bellevue, WA 98004. He can be reached at 206-623-0579, fax 206-682-7972, email@example.com and firstname.lastname@example.org. Contact him for a free initial consultation or to get his Leasing Tips emailed to you. Be sure to consult your lawyer before applying any of the above to a particular situation.