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As finding good tenants becomes increasingly difficult, owners will want to lock down good prospects as quickly as possible. But what happens when an otherwise excellent prospective tenant wants to sign the lease, but can't commit until it knows whether its financing has been approved?
Time kills deals, says New Jersey attorney Marc L. Ripp, and if you are like most owners, you want to close the deal as soon as possible. The solution: Rather than waiting to see whether the tenant will get financing, go ahead and sign the deal, but give the tenant a limited right to cancel it.
