DON'T GO TO A WALK-THROUGH WITHOUT YOUR BROKER.
Before you actually take possession of a new space, your Landlord will ask that you meet him/her at the space. Typically the property manager and, if there were any tenant improvements done, the construction manager will appear. This is called a “Walk-Through.” The purpose is to make sure the space is prepared properly for you and all the landlord’s work has been completed satisfactorily.
Usually, someone will act as “Scribe” and take notes of items that need to be addressed in order to make the space totally complete.
Your broker has done this before… hopefully….He should be able to point out things the landlord would just as well items too often overlooked. After the walk-through, the landlord usually presents you with documents stating you accepted the Premises and that your lease will commence on that date. If correctly done, there will be an attachment to that document that is referred to as a "punch-list."
The punch list includes items the contractor did not complete or did incorrectly. Usually the landlord has a set time, 15-30 days to complete the punch list items. Items not on the list end up being your cost.
A good broker should not only show up for the walk-through, but should not allow you to sign anything unless it is explained clearly to you and that that list includes all items needed to be completed.
In one situation, the landlord asked our client to sign a Commencement Date Confirmation WITHOUT even conducting a walk-through. Not only did we find items that needed to be completed but by starting the new lease when the landlord stated, it have cost the tenant thousands of dollars in rent they should not have been required to pay until all work was completed so they could actually occupy the premises but all the client would have had to shoulder the future cost to remedy shabby or incorrect construction.
Again- DON'T GO TO A WALK-THROUGH WITHOUT YOUR BROKER.
|