How To Get a Good Lease Step 7/10

Once you’ve reached agreement on the lease negotiation, the landlord will prepare a final execution document. Still not an attorney 😀

The execution copy is a clean (no redlines) version of the last document.

Step 7. Lease Execution

The Lease Agreement execution is the actual signing of the lease. Intense name, right?

• Like the LOI, take moment to read through one last time before you sign.
• Given the length of lease term, a notary is required to make it official.
• It’s common practice that the tenant signs before the landlord. Make sure you get the fully executed copy of the Lease Agreement at the end.
• Sign through your entity or you’ll
• Regardless of any conversation you had with the broker or landlord, if it’s not captured in the lease, they may not remember or honor it. Sometimes this happens through misunderstanding, sometimes it’s bad business. But take the time to ensure that any critical clauses for you and your business are included or referenced in the lease agreement.

And like the LOI, you’ll lose the attention of the landlord as they move on to other deals.

My first lease signing as a broker was so embarrassing.

The client, a new non-profit owner with Gates Foundation funding asked what she should sign on the following lines and I didn’t know the answer. I had to excuse myself to go ask another broker 🤦‍♀️

Here’s how your sign.

By: _______________ where you sign your name

Name: ____________ where you print your name

Its: ________________ where you confirm the legal capacity your signing from. For instance, most LLCs are Manager. If you need to locate this information, it should included in your operating agreement of your business formation documents.

After one day of celebration (and focusing on other fires in your business), you now need to get to work on the next steps of your Post-Lease Journey. But there’s one critical step we’ll discuss before we go there.

By now, are you wondering if you have a Good Lease? Here’s a link to have a free conversation with me. If you’ve read this far, you owe it to yourself to get some one-on-one attention https://bit.ly/38rikPK

See you tomorrow to discuss the Step 8!

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