If you are a Florida commercial property owner, you’ve definitely worked hard to build your real estate portfolio. No matter the property size, reliable tenants may be of great importance to your financial success.
What happens when a tenant breaches their lease agreement, potentially putting your investment at risk? That’s where experienced real estate legal guidance comes in. It can help protect your interests and guide you through the process of resolving the breach.
Review your lease agreement
Time is of the essence when a tenant breaches their lease agreement, and a well-crafted lease is your first line of defense. In that case, prompt action can often resolve the issue before it escalates further. Thoroughly review the lease terms, gather evidence of the breach and craft a strategic legal approach to examine any ambiguities or loopholes that could be exploited in your existing document.
Issue a breach notice
Depending on the nature of the breach, you may be required to send a formal notice, allowing the tenant a reasonable amount of time to remedy the violation. But, if the breach persists, you can explore options such as terminating the lease, pursuing eviction proceedings or seeking monetary damages.
Negotiate with the tenant
Like any other business owner, your main goal is to minimize any disruption in your business and help protect your financial interests throughout this legal process. Not to mention the importance of maintaining positive relationships with tenants whenever possible, but don’t hesitate to take legal action when necessary. A cordial resolution can often be reached through effective negotiation by facilitating communication with the tenant, aiming to find a solution that satisfies both parties.
While addressing a commercial real estate tenant breach requires a systematic approach that may seem stressful, remember you have options. By familiarizing yourself with your lease agreement, understanding the legal process and attempting to resolve the issue in ways that are appropriate for the circumstances at hand, you can likely find a solution that minimizes disruption and protects your investment. However, legal complexities can arise, and seeking legal guidance as proactively as possible may prove to be a wise move.