Commercial Lease Review Lawyer

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Commercial Lease Review Lawyer​ in Toronto

Are you looking for a commercial review lawyer in Ontario? Whether you are a landlord, tenant, property management company, or investor, our Commercial Leasing Lawyer is here to protect your interests for your lease transactions. Our Commercial Leasing Lawyers conduct thorough reviews of our clients’ commercial leases to ensure their favorability. We are here to assist you in comprehending the legal jargon and intricate clauses within your lease to ensure you have an understanding before signing any documents. In cases where needed, we can negotiate for revisions of specific terms and help draft agreements if requested.

 

We are conveniently located in midtown Toronto, minutes from the Eglinton-Yonge station. Call us 647-300-8391 or click button above to book a FREE consultation.

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You are starting a new business and you require a commercial space to lease? It is highly likely that you will be asked to sign a commercial lease agreement with the landlord for the use of premises to run your business.

A commercial lease agreement is a legally binding contract established between the landlord and a business tenant. While the tenant is given the right to occupy the landlord’s property for a commercial or business purpose for a specific period, the landlord receives monetary payments (“rent”). It also indicates the legal rights and responsibilities of both parties. However, there are other constituent parts of a commercial lease agreement which embody this legal relationship.

It is important to understand the terms and conditions of a commercial lease agreement since this type of agreements might be complex with numerous terms and have significant implications for businesses. Identifying potential legal issues, the outcomes of legal implications and negotiating accordingly might help you avoid any future disputes or confusions.

Commercial lease agreements in Ontario are governed by the Commercial Tenancies Act and required to include key elements such as details on the parties and the subject property, type of lease, lease amount and payment terms, term of the lease, termination, insurance and liability etc.

A lease agreement is not always set in stone. Having a thorough understanding of these terms and conditions is also important to negotiate a commercial lease agreement customized to your business needs. For example, if the commercial lease agreement dictates the permitted use of the premises, it means that you can only engage in those limited types of business activities on the premises and any additional purpose of use might be subject to the Landlord’s written consent and approval. Or if you do not wish any other competitor tenants on the premises, you might want to negotiate your lease agreement accordingly.

Commercial Lease Agreement Review Considerations

Type of Lease and Payment Terms: The monetary compensation is an essential element of this contract. That is why it is highly important to fully understand the rent amount, any additional charges and the payment schedule for your budgeting plans and financial commitments. Understanding when the rent is due, and the possible penalties applied for late payment is also crucial.


Term of Lease and Renewal Options: A commercial lease agreement will outline the term of the lease and renewal options. Reviewing these terms in detail will help you foresee if they match with your business interests and needs.


Maintenance and Repairs/Costs: There are also other items incorporated into a commercial lease agreement such as utilities, insurance and maintenance and operating costs of the building. It is important to understand which responsibility pertains to which party including any potential cost sharing arrangements.


Permitted Use of the Premises: A commercial lease agreement might include a clause that limits the purposes of use for a specific commercial space. You might want to review this clause in detail to understand if it aligns with your business requirements.


Assignment Options and Subletting: If the lease agreement outlines the conditions on assigning the lease or subletting the premises, you should understand the extent of the flexibility granted by the Agreement to sublet or assign the lease.


Exclusivity: Certain commercial lease agreements might include an exclusivity clause which might be a term that addresses to your interests. This sort of terms restricts the landlord from leasing to another tenant for the same business purpose.


Termination: The lease agreement also outlines the terms for termination of lease. This provision might include details about early termination of the lease including any penalties or fees to be paid upon.


Insurance and Liability: The commercial lease agreement also includes terms on insurance requirements to run business operations and the party responsible for obtaining the insurance coverage. Reviewing these terms is important to determine whether or not the insurance requirements match with your business needs and understand who the liability pertains to in certain specific events. (such as damages or accidents)

Leasing Review Services

Our Commercial Leasing Lawyers offer a wide range of specialized services, including:

 

Lease Drafting & Review: Drafting and reviewing comprehensive lease agreements tailored to your unique business needs, ensuring clarity and minimizing potential disputes.

Lease Negotiations: Our Lawyer can negotiators advocate on your behalf to seek favorable lease terms, optimizing your lease agreement for long-term success.

Tenant Representation: Assisting tenants in understanding lease terms, rights, and obligations, empowering them to make informed decisions that protect their interests.

Landlord Representation: Supporting landlords in crafting strong lease agreements that mitigate risks, and establish a productive landlord-tenant relationship.

Lease Renewals & Extensions: Guiding clients through lease renewals and extensions, ensuring a seamless continuation of business operations.

Hiring a leasing lawyer might help you ensure that your commercial lease agreement aligns with your business needs and projections. If you are seeking for legal advice when reviewing your commercial lease agreement, contact us and find out how we can assist.

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Business Law Frequently Asked Questions

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A corporation is a legal entity which has its own legal personality that is separate from its owners and people who operate its affairs and business. Corporations are formed of shareholders, directors, and officers. Corporations have the rights and privileges that a natural person enjoys such as entering binding contracts, owning property or borrowing money. Related Blog Post: What is the right structure for my business?

Shareholders are those who hold company shares. Voting rights in a corporation are attached to these shares. Shareholders have control over the corporation however they do not directly manage the corporation. They exercise their power of control by making major corporate decisions. Shareholders elect directors to run the company with their best interest in mind. A director’s role is focused on the day-to-day operation of the business such as signing business contracts.

If you already started searching for the answer to this question on the internet, you might have seen information on the 2-step process of incorporating and many online platforms that would incorporate your business for very low fees. However, most online companies or platforms usually help you with step 1 of incorporating your business. While the first step only includes Articles of Incorporation and their filing and issuance with the Ministry, step 2 is only done by lawyers. Without step 2, your business is not considered incorporated and risks dissolution. Contact us if you need more info and a Toronto Business Lawyer.

Having a contract in writing gives each party the opportunity to fully understand their rights and obligations under the contract. As a party to the contract, you can also identify any issues or ambiguities in the contract with assistance from a business lawyer. In most cases, it provides a mutual understanding and interpretation of the terms of a legally binding relationship.

For an agreement or contract to be legally binding, there are certain essential elements that must be present in all contracts. These are capacity, offer, acceptance, consideration, mutual agreement, and legality.

Even though it is not mandatory, it has many advantages in understanding your rights and obligations outlined in a legally binding contract. Many people use online sources to draft and generate business agreements without fully understanding the terms and conditions. Most of these contracts include generic clauses and boilerplate clauses that might risk your business massive liability if you are not familiar with the legalese. A Toronto Business Lawyer can help you fully understand your rights and obligations under a contract or draft one that suits your business needs.

There are two main ways of buying or selling a business: an asset purchase or a share purchase. The key difference between the two is what is being bought and sold. In an asset purchase, the buyer purchases specific assets or parts of the business, such as inventory, equipment, customer lists, and goodwill. In a share purchase, the buyer purchases the ownership interest in the business.

Before signing loan documentation, many major financial institutions and lenders will typically demand that you seek independent legal advice. The loan will typically necessitate several General Security Agreements (GSA), personal guarantees, and Personal Property and Security Act (PPSA) registrations against your personal or business assets.

Most small business loan lenders require a personal guarantee to be signed by the borrower. A personal guarantee is an undertaking by a borrower to repay a business loan using their personal assets if the business defaults. A personal guarantee is also required in certain commercial lease transactions by landlords, which means this could imply that the individual's personal assets could be taken over if the business fails to generate sufficient revenue to cover the lease payment.

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