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Finance

Things You Should Look into When Signing a Lease Contract!

The law may be harsh at times, but it’s still the law. This is one legal principle that everyone, regardless of status, should seriously consider to avoid getting victimized by situations that could have been avoided with due diligence. 

For instance, when you are signing a contract. In essence, when you put your signature on the piece of paper detailing all the terms that you agreed to, it’s legally presumed that you understood all of it and exerted all efforts to protect your rights. 

By definition, a contract means a mutual agreement voluntarily entered by individuals who are of legal age. It shall govern the execution of the subject stipulated in it. There are avenues where you can legally scrap the terms of the contract, but this would take time and money. Instead of remedying the problem, why not avoid the problem from the start? 

If you are actively seeking for an office space for lease NYC, here are some of the vital things you should check before you sign the lease contract: 

1. Ownership of The Property 

Check if the one you’re doing business with is the real property owner or an authorized agent of the same. The lessor can only allow temporary use and occupation of a property that’s legally his. 

Also, make sure that the ownership of the property is not being transferred to another person or business entity while your lease contract is in force and effect. 

2. Terms of Lease 

When looking for office space for lease in NYC, carefully check and understand all the stipulations of the contract. The length, font size, readability, or difficulty of legal jargons used can’t serve as excuses for you to not go through each provision. If it’s a contract of adhesion, still go through the stipulations and raise objections and amendments whenever necessary. 

Also Read -   10 important things you must know before applying home loan

Check the following items in the contract: 

  • Parties to the contract 
  • The legal standing of parties to the said contract 
  • The capacity of the first party to enter into an agreement 
  • Duration of lease
  • Agreement on the amount of deposit and advance payment for the lease 
  • Commencement of the lease contract 
  • Provision on damages 
  • Provision on property maintenance and repair 
  • Grounds for annulment of the contract 

If possible, hire the services of a lawyer to review the adhesion contract. This can save you from future trouble and unnecessary stress. 

3. Remedies in case of breach 

Also, check what you can do in case the other party fails to comply with his obligation under the contract. This will serve as your protection just in case the lessor violates the agreement stated in the lease contract. 

Conclusion

These are a few essential things you should check before you affix your signature to a lease contract. This is applicable, especially if you’re dealing with private individuals who lease out properties. While seeking the help of online property management hubs like Office Finder mitigates the risk of fraud, there will be times that you’ll have to deal with private individuals. In this case, you have to protect your interest. After all, ignorance of the law is not bliss. 

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