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Don't Let A Lease Hold Your Business Back


Cheap property provides incentive to move

It seems that there aren't a lot of reasons not to move right now.  The real estate market has been hit hard, so whether you want to get a nice bargain or just need a cheaper place, it's a good time to learn about breaking business leases.

Before talking to your landlord, see if you can find someone to take over your lease.  The landlord may have his (or her) own ideas on the subject, but this way, you can at least ensure that he (or she) will continue to receive money.

Then, an AllBusiness article recommends, "If your landlord does agree to release you, make sure you get it in writing to protect yourself legally."  There's no sense setting up a he said, she said court case.

Finally, prepare for the possibility that you'll take a hit on the way out.  "If your landlord doesn't want to release you from your obligations, you'll be forced to sacrifice your security deposit, pay the remaining amount until the landlord can find another tenant, or both," according to AllBusiness.

A new location (or a lower monthly payment) may not be worth this hassle, of course, so don't back yourself into any corners.  Still, with prices plummeting, it makes sense to at least see what's out there.

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News Tags: Money, Real Estate
About the author:
Doug Caverly is a staff writer for SmallBusinessNewz.

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