Facility Planning: Documenting the Deal
Just when you thought it was safe to relax, you may actually be approaching the most difficult part of any transaction and, potentially, the dreaded “deal breaker." How can you come so far and still have so far to go?
Make the process easier. If you have followed the ten steps of the planner over previous chapters, you, the landlord, your broker, and both attorneys should have a pretty good idea of what must be memorialized in the final lease documents. In the past two months, we have shown you how to document the paper trail to ensure that all parties can see both what was agreed to and what was not. Remember how we even suggested that the proposal include potential language or specific words that should also be included in the eventual lease. Now you know why.
Preview the lease. In Section 23 of the proposal presented last month, we recommended you ask for a copy of the boilerplate of the lease form the landlord would be using to document the deal. This is important. It would be a good idea if both you and your broker read the lease before countering the landlord's initial response to you. It is amazing what you may find in the lease that could have a devastating effect on both your future tenancy and your pocketbook. Check through previous chapters to review some of those potential problems. If there is something in the boilerplate lease you think can present a problem for you, include your position in the counter offer. Again, this will not only flush out future problems early on, but it will also allow the attorneys on both sides to create a document that both parties agree to. The worst thing is to get to leases and have to haggle over issues after both parties appeared to be in agreement—goodbye deal.
Again, don't be afraid to ask your broker to include as much as he can in the intent to lease. If your intent is complete, you'll save time, money, and eliminate potential confusion when you try to finalize the deal.