Ensure Reimbursement for Pre-Lease Plans When Deal Falls Through

Many office building and shopping center owners focus on the terms of the lease itself, forgetting that pre-lease agreements leading up to the start of the tenant’s term can make or break the deal from the start. But what about a scenario where the lease term never actually starts? If a lease deal doesn’t come to fruition, you may be left on the hook for costs of items that were necessary to push the deal forward. And that could be very, very high. The expenses to hire experts, such as architects, to draw up plans for the space could be in the thousands.