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Tips To Signing A Lease For A Commercial Warehouse

Posted by on Oct 29, 2014 in Blog, Finance & Money | 0 comments

Obtaining a commercial warehouse is an important step for many business owners, and getting the right lease for your warehouse can be critical to the success of your business. These tips for signing a commercial warehouse lease agreement will help you find the right property and the right agreement for your needs.

Get a Lawyer

It’s not enough to read the lease, although you should carefully read any lease that you sign. Find a lawyer experienced in commercial real estate who can help you understand the details of the lease. Your lawyer will be able to pull apart the lease and put it in terms that you understand, and he or she will be able to tell you if the lease you’re about to sign is in your business’s best interests.

Negotiate

Regardless of whether or not the lease you’re signing is a standard lease, all clauses of the lease are negotiable. It’s especially important to negotiate if you’re signing a long-term lease. Remember, long-term leases lock you into a binding agreement for many years. This involves a certain amount of risk for you as a business owner, while it ensures a certain amount of security for the property owner.

This should give you some room for negotiating more favorable terms. Speak with your lawyer about the terms that would be best for your business, and consider building in a clause that allows you to sublet the space, should your business plans change in the next 5 or 10 years.

Note the Maintenance Agreement

Commercial leases differ significantly from residential leases in that not all commercial property leases automatically require the property owner to cover the cost of repairs and maintenance. Some leases require the tenant to pay for all maintenance, while other leases require the tenant to pay for maintenance only on certain systems (such as heating or cooling) on the property. Know what your lease is requiring of you before signing. 

Know What the Terms Are If You Default

Although you may not intend to default on your lease, sometimes things don’t go as business owners plan. Pay careful attention to the terms of your lease with regards to a default. If your business plan is particularly uncertain, you may want to negotiate the way a default would be handled to better suit your interests.

Most important is to remain in constant contact with your attorney and to listen to the legal advice given to you at every step of the way.

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3 Ways Credit Unions Rock

Posted by on Oct 29, 2014 in Blog | 0 comments

It’s important to have credit of some form in today’s world. You need credit for cars and homes. Sometimes, your credit can affect whether or not you will get hired. A great way to show that you can handle customers’ money while working or a loan of your own is to have a good history with a bank. The problem is that many consumers are unhappy with their bank. High ATM fees, a lack of personal service, and high rates of interest on bank credit cards are just some of the reasons why many are displeased with their bank. If you’re not happy with the service you get from your bank, you may want to consider a credit union. Here are a few reasons why a credit union may suit your needs better. 

You’re More Than a Number

At a traditional bank, you’re just a customer. They’ll try to keep you happy, but if you leave, they won’t be too worried because there are many other customers just like you. It’s different at a credit union. Unlike a bank, credit unions are not-for-profit institutions. When you join a credit union, you become a stakeholder and profits and savings are passed to you, not to company stockholders. This means you will get personal service because you’re as much a member of the credit union as the people who work there.

Interest Rates Are Lower

Having a credit card or loan can help you pay off your bills in a pinch or fix up your house, but the interest rates from a traditional bank may make you think twice. Credit unions are concerned with making sure that members are happy, and they know that high interest rates are not the way to do that. You will often find that the interest on credit cards and loans is much lower with a credit union, which saves you money. 

Using ATMs Is Often Free

ATM fees can cause you to do a double take whenever you need to draw money out. Since you don’t always have time to get to a particular ATM just to get money or head into a branch of your bank, you may simply decide to skip going to the ATM altogether. With credit unions, using the ATM is usually free. Many credit unions are members of ATM networks that allow you to use an ATM without having to worry about paying fees just to access your money. If you have to use an ATM that is not in your credit union’s network, you’ll still save because most credit unions won’t charge for the transaction. 

These are just three advantages of using a credit union that may help you decide if a credit union fits your life better.

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