Meet to discuss needs and timeline.
Tenants searching to lease space will need to be ready to provide financials. Each Landlord is different with what they require, especially depending on the terms. These often include: Bank Statements, Tax Returns, Profit and Loss, and Balance Sheet.
Review possible on and off-market options with client. Complete property tours.
Begin the offer process with a Letter of Intent, which is usually non-binding. This may go back and forth a few times. Once accepted we can move to the more formal agreement.
During this portion of the Due Diligence process, timelines need to be adhered.
Important items could include:
If the Tenant's use of the property calls for additional items, such as a Conditional or Special Use Permit or Parking Waiver/Variance, this will need to be closely monitored. Also, hiring a professional who specializes in these services is recommended.
Once the terms of the Letter of Intent are accepted, a Lease Agreement will be drafted by the Landlord's agent. There may be several drafts as the parties negotiate and redline.
Upon acceptance of all terms in the Lease Agreement, the Tenant will provide Certified Funds and an ACORD Insurance Certificate prior to key release.
Landlord's typically request a guarantee of the lease. This includes either a Corporate Guarantee from an established business, or a Personal Guarantee for a start-up. In rare instances, they may allow this to be waived with significant deposits and prepaid rent up-front.