How to Break a Commercial Rental Lease in Georgia
A Georgia commercial lease is an instrument that contains the details of a rent agreement made between a lessor and lessee. It lists the retail, office or industrial location's address, a legal description of the property, the names of the parties involved, the square footage of the property, the terms or length of the agreement, and the lease structure which explains whether the tenant will pay by square footage and/or a percentage of the property taxes and site maintenance.
Other People Are Reading
Instructions
-
-
1
Use the lease provisions. Review the commercial lease agreement carefully for early termination procedures. Commercial leases vary, but in general, commercial leases in Georgia contain steps for early termination with and without tenant penalty. Find all provisions relative to breaking the lease within the agreement that explain the rights of each party.
-
2
Settle or buy out the lease. Negotiate a settlement of the remainder of the lease with the landlord. Offer to settle the remaining lease payments at a reduced rate ranging from 50 to 75 percent in one lump sum or through the course of periodic payments. If the landlord does not agree, offer to buy out the remainder of the lease in full.
-
-
3
Sublease the property. Review the lease for subleasing provisions. Find another Georgia business or individual that wants to operate in that location and sublease the property. In the alternative, ask the landlord if the commercial lease can be transferred or assigned to another business or individual.
-
4
Take legal action. Hire a Georgia bar-certified commercial real estate attorney. Take a copy of your lease as well as any documents provided by your landlord. Explain all attempts to amicably resolve breaking the commercial lease and be advised of your choices.
-
1
References
- Photo Credit Hemera Technologies/Photos.com/Getty Images
