Renting a commercial space is the option for many business owners, who are worried that buying a commercial property may become uneconomical in the future. However, commercial space lessees can become satisfied with the property after sometime that they consider renewing the lease when the rental period expires. Lease renewals are fairly easy, but attention to details is necessary. Renewal of commercial lease can be made with the aid of Pennsylvania real estate lawyers.
How to Renew Your Rental Contract
Check the old contract. Initial contracts have clause about renewal of lease, because property owners generally include this.
Read the statement on contract renewal.
Does the clause state about when you must obtain lease renewal? Usually, it will state that you have to renew the lease a month before the contract expires.
Inform the property owner that you wish to renew the contract once you have made up your mind. Otherwise, the property owner may believe you are no longer interested in occupying the property. Note that the length of the original lease can determine that renewal term.
What if there is no section on renewal on the contract? Sometimes the original contract does not state anything about lease renewal.
This does not suggest that renewal is not allowed. In this case, you should contact your landlord and inform them you wish to renew your lease. Even if you have not yet made up your mind completely whether to renew the lease or not, you have to give a word to the landlord that you are anyhow interested in renewing the lease.
Letting the landlord or property owner know earlier puts you in a better place. This way you would know if the landlord still intends to rent out the property, as they may have other plans for the property after the lease period expires. At least, you would know earlier. At the same time, you would also know if the rental fee would increase, as such can be dependent on the market trend. For instance, if other property owners raise their lease fees, your landlord may also raise the rent upon your renewal of the contract.
As mentioned, the property owner may have other plans for the property after your rental is over. In this case, it is impossible to renew the contract. There could be several reasons why the property owner no longer wants to rent out the property to you. One is that the owner wishes to sell the property. Another is because you and the landlord did not have rapport. The decision to either rent out the commercial property or not rests on the property owner. You can talk to them about your earnest desire to remain on the property, as having a conversation with the landlord can yield positive outcomes.
If renewal of the rent seems apparent, it is wise to contact a commercial real estate lawyer in Pennsylvania to facilitate in the renewal of contract. The lawyer shall review the contract to make sure that your interests are preserved. Renewal of rent seems too minor for a lawyer to be contacted, but in most cases the presence of a lawyer can make things better.
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Source: http://www.vegasvalleyhomes.net/leasing-renting/renewing-your-commercial-lease/
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