Tag Archives: terms

A Renter’s Guide to Commercial Leasing!

January 19, 2019   Personal Loan

A commercial lease is a legal or binding agreement between an owner and a tenant. Even though renting is a simple business relationship, it is still crucial to follow certain guidelines during this process. Without the proper guidance, this procedure can be long and somewhat unpleasant.

  • Consult a Lawyer – A rental document is not just a piece of paper; it is a compilation of legal agreements that consists of an average of 25 to 70 pages. Some clauses that may be included on these documents are standard, while others may not be familiar to the renter. Other standard forms may not have the essential elements for both the landlord and the tenant. Therefore, seeking the advice of a lawyer is important. In addition, attorneys can handle all of the negotiations and technicalities as well as assess any specific requirements the tenant may need and provide a final legal agreement.

  • Choose a Suitable Location – The success or failure of a business can be determined by where it is situated. Once all of the commercial leasing requirements have been determined, it is time to proceed to research and look for a suitable space. In addition, it is important to check the market and determine that the potential office space is available and suitable for the occupancy.

  • Find a Reputable Broker – It is important that the finalization of a commercial lease be handled professionally. Such an important undertaking requires the services of a reputable broker. An agent should be chosen who has many years of experience in commercial leasing. Real estate brokers can help find the right location as well as examine the market.

  • Negotiate the Lease Agreement – Everything is negotiable in a lease agreement; however. this can be a daunting task. It is necessary to understand and assess the agreement to avoid any problems in the future. Both parties should arrive at acceptable terms that meet individual needs. All agreements should be verified for correct terms and conditions as well as the total costs involved prior to endorsement by both parties. It is essential to remember that once the agreement has been signed, it binds both the landlord and the tenant equally by law. This is why once an agreement has been negotiated; it should be thoroughly inspected for accuracy.

  • Insurance – An insurance policy from the landlord may be required by the tenant prior to final execution of the contract. If payment of the insurance premium is required of the tenant, a comparison of normal costs for such a charge from other insurance companies should be done. This way the tenant can be sure that they are not being overcharged by the landlord for this cost. It should also be determined if the coverage afforded by the insurance is anticipated to change any time in the future.

  • Providing all Pertinent Information – Every tenant should ensure that all relevant information regarding this agreement has been provided; it should also be verified that the use of the commercial space complies with the agreement. In addition, it must be confirmed prior to the execution of a lease if there are any alterations that must be performed prior to occupancy by the tenant.

    A legally binding contract, such as an office lease, should be beneficial to both involved parties. It should not be automatically presumed by a tenant that the landlord is willing and able to comply with all the terms written in the contract. Even the lease code does not provide a renter with the full protection necessary for a business to function. Any tenant should be pro-active and obtain a renter’s guide to effectively manage their commercial lease – then there will be no upsetting surprises!
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    Unsecured loans – A sub-type of personal loans

    October 5, 2018   Home Mortgage

    It is a known fact that in a secured deal, collateral protects the lender’s investment, and thus makes it easy for him to part with his money and facilitate the borrower with loan benefits like quick attention, high credit limit, competitive low APR, variety of rate plans, different repayment methods, and negotiable loan terms and conditions.

    Unsecured loans, a sub-type of personal loans, do not offer the above-stated benefits. But, they are still catching up in the UK loan market. So, what are the reasons behind the growing popularity of unsecured personal loans?

    The most significant reason is that irrespective of the loan seekers capability and willingness to pledge collateral, this personal loan sub-type can be availed by all – tenants, students, homeowners and property owners.

    We all know that homeowners and property owners can easily take advantage of their valuable assets to avail favourable secured loan deals. However, pledging collateral may not be always practical or essential.

    Hence, unsecured loans is a better alternative for people who are capable of offering collateral, but are unwilling to get into property related legalities or risk their property for a small monetary requirement.

    Also, as every UK resident is not a homeowner or a property owner, unsecured personal loans is the only credit option for people who are incapable of offering an asset as collateral – tenants and students. This no collateral attribute in turn leads to:
    • Less paperwork and quick service in the absence of lengthy property evaluation procedures
    • No immediate risks in the event of repeated defaults or non-repayment of the loan amount
    Hence,unsecured loans are ideal for small monetary requirements, as offering collateral may be unnecessary. And, for urgent requirements too, as getting into extensive property evaluation procedures may be unfeasible.

    Besides advantages, no collateral attribute has disadvantages too, as the lender’s investment remains unprotected – limited amount, high interest rates, fixed payback option, and preset loan terms and conditions.

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