While dentists may spend a lot of time and resources finding the location of best practices, they cannot spend enough time reading and negotiating each bite. Dentists often mistakenly believe in the landlord`s landlord or real estate agent when the person convincingly states that the lease is « standard, » « boilerplate » or « not open to discussion. » Improvements or modifications: Professional tenants, especially dentists, almost always need improvements. Such improvements are called « tenant improvements » or « Ti`s. » Be careful here. The tenant`s representative`s fees are usually paid by the lessor at the time the tenancy agreement is signed. This is very tempting for a cost-sensitive dentist, but it can lead a suspect dentist to question the impartiality of the representative. A personal recommendation for an impartial and non-urgent tenant is the key to ensuring that the dentist can trust someone without questioning the person`s motivations and commitment to the well-being of the dentist. Signage: The owner generally wants control of the signage and may be concerned about aesthetics and compliance with local regulations. As a result, most leases contain a provision that limits a tenant`s ability to display a commercial sign without the landlord`s consent. Death and disability – In order to protect the family of a solo dental practitioner, you should apply for automatic dismissal in the event of death or disability of the owner.
As buying buildings is expensive, with some debts that come with commercial real estate ownership, you will probably be advised to acquire the property as a separate business from your dental practice. In other words, it is not the practice that buys the building, so there will be two separate companies: the rental company and the tenant company. Their office lease defines the relationship between these two companies, defines their obligations and carefully separates them for various legal and accounting reasons. A potential tenant should always remember that the landlord – or his lawyer – designed the lease. The potential tenant should use a qualified lawyer to verify the tenancy agreement and make the necessary changes.