Whether its residential or commercial, buying property in and around Coeur d'Alene, Hayden, Post Falls, Rathdrum or Sandpoint, Idaho is a fantastic investment right now and for the foreseeable future. With new people coming to the seat of Kootenai county every day to settle down, start families and build careers, it’s a haven for those leasing out residential or business properties. But, as much as you may trust your residential or commercial tenant, it’s essential that you protect your investment with the right kind of contract.
With so many lease agreement templates online, you may think that you don’t need an attorney to draft your commercial or residential lease agreement. Likewise, if you’re a small business owner or residential tenant looking for the perfect property, your first instinct may be to sign whatever the landlord puts in front of you. But failing to include an attorney in the process can leave you legally vulnerable, and paying a lot more later to resolve any issues.
What Type of Attorney Helps with Commercial and Residential Lease Agreements?
Technically, any attorney can help with lease agreements, whether they’re residential or commercial in nature. However, it goes without saying that it’s in your best interests to hire a lawyer with experience in the field of real estate law.
Lawyers, just like doctors, have their specialties and gravitate towards where their talents, interests and experiences lie. As such, you should look for an attorney with experience in real estate law under their belt.
Why Do you Need a Lease Agreement?
A lease agreement protects both the property owner (landlord) and the tenant. It ensures that the landlord fulfils their obligation to keep the property safe and habitable while also protecting the landlord’s investment (for example, holding the tenant accountable when they don’t pay their rent or cause damage) and insulates both parties from risk as much as possible.
A lease agreement can also protect businesses by prohibiting the leasing of units in the same complex or commercial center to competing businesses. Some leases are also inherently more complicated than others. A 5-year lease on a retail unit, for example, will be much simpler than a 20-year lease on an industrial plant. A lease agreement should be tailored to the specific needs of the building and its intended purpose.
What Are the Benefits to Using an Attorney to Draft a Lease Agreement?
While an attorney doesn’t always need to draft a lease agreement, it’s in everyone’s best interests that they do. An experienced attorney who has a detailed understanding of real estate law will help to ensure that the landlord’s assets are protected to the full extent of the law and ensure that they have full recourse if the tenant is found to renege on their side of the contract by not paying rent on time or conducting illegal or inappropriate business on the premises.
An attorney gives both parties the peace of mind that comes with knowing that they are fully protected by their lease agreement.
Trust Charles Bean & Associates PLLC to help with your lease agreement. With experience and a proven history of client successes in the field of real estate law, you won’t find a real estate attorney who works harder for you in the Coeur d’Alene, Idaho region.
Get in touch with Brian J. Bean today by calling (208) 664-1574 or submitting a contact form to request a free 45-minute consultation.