Commercial Landlord Tenant Lawyer Philadelphia
There are many benefits to having a commercial tenant. Business owners are generally reliable. There is an expectation of cash flow. Most importantly, you can protect yourself with a detailed commercial lease agreement.
It’s important to remember that regardless whether the property use is commercial or residential, the same Landlord-Tenant law applies. Both commercial landlords and residential landlords are governed by the Landlord-Tenant Act of 1951. This includes notice requirements, termination requirements, and eviction requirements.
While Commercial Landlords are bound by this law, they have an advantage of inserting certain protections in a commercial lease agreement. This is why it is recommended that a commercial property owner hire an attorney to handle all aspects of the Commercial Landlord-Tenant relationship.
At the Law Offices of Greg Prosmushkin, our attorneys offer a full range of services to commercial property owners. Our lawyers handle every aspect of a commercial landlord-tenant relationship from drafting a commercial lease to Eviction proceedings.
It is recommended that you have an attorney review or prepare your commercial lease before you allow a business to rent space from you. Unlike residential leases, a commercial lease is usually fixed for an extended period of time. Some leases terms extend for three years, five years, seven years, or even ten years. Normally, commercial leases also have options to renew or extend for an additional extended period of time after the initial term expires. Commercial tenants are a long-term commitment. Before you begin a Commercial Landlord-Tenant relationship, all the terms for the next few years should be detailed and worked out in advance.
At the Law Office of Greg Prosmushkin, our real estate attorneys can guide you in the ensuring your commercial lease has all the necessary language needed to protect your interests, needs, and property rights. Most importantly, the commercial leases protect you in the event the tenant defaults.
A commercial tenancy can last a long time. We all hope that the relationships work out, but sometimes they don’t. Whether the commercial tenant’s business does not go according to plan or the tenant just stops paying, a commercial landlord must be prepared for the event of a default.
While a commercial landlord should go into a new landlord-tenant relationship with a hopeful mentality, it is important to be prepared for everything at the beginning. A proper commercial lease will have clauses and conditions in it to protect the landlord in the event the tenant defaults. This includes things such as Confessions of Judgments or a Personal Guaranty. But even with these protections, as mentioned above, commercial landlords are still governed by the Landlord-Tenant Act of 1951. Failure to comply with the Landlord-Tenant Act can compromise your ability to evict the commercial tenant and can cost you months of lost income. This is why it is important to have a lawyer who knows the law on your side.
Philadelphia Commercial Landlord Tenant Lawyer
At the Law Offices of Greg Prosmushkin, our Real Estate Lawyers have represented numerous commercial property owners in all aspects of the Landlord-Tenant relationship from lease negotiations to evictions. When dealing with commercial tenants, a commercial landlord should make sure they are protected from the very start. Call the Law Offices of Greg Prosmushkin and schedule your free consultation with our highly trained real estate lawyers today.
This content was written on behalf of Greg Prosmushkin.