For tenants and landlords in Alberta, the critical point is skillful negotiations. This is a particularly important part of deals that involve commercial real estate. In far too many cases, the eagerness to sign a contract can make the agreement a less profitable experience for that party.
A crucial aspect of the negotiation of real estate leases or rental agreements involves restoration clauses. While residential contracts typically expect tenants to ensure that property is in the original state when they leave, commercial real estate deals are significantly more complicated. Restoration stipulations are not usually built into these contracts and are left to negotiations because of the different needs of tenants.
A florist may need coolers, while a restaurateur might want to install deep fryers and specialized ventilation. One tenant might prefer open-plan spaces, and the next one might require separate offices. Property owners and tenants need to be flexible and considerate during contract negotiations to ensure a profitable outcome for both. The changes a prospective tenant require might increase the property value and desirability, and it could be beneficial for the property owner not to put a restoration clause in the contract.
These are some of the aspects of commercial real estate that many landlords and tenants in Alberta have to deal with, and many prefer to leave these matters to the skills of a real estate lawyer. Each deal requires the experience of a lawyer who understands both the current economic climate and the long-term outlook of the market. Such support and guidance can ensure that the ultimate outcome of the negotiations is fair and beneficial for both parties.
