When a landlord and prospective or current tenant reach agreement on major business terms, typically in a nonbinding letter of intent, the leasing process begins. At that point, a landlord, its asset manager and broker want to finalize and sign leases as quickly as possible while minimizing legal costs. In order to achieve this objective, landlords, their asset managers, in-counsel and brokers should evaluate how they manage their leasing process and how it can be improved.
The leasing process begins, of course, with the lease. The form used by a landlord should be in plain English that is clear and concise. The use of terms such as “appurtenances” and “betterments” can and should be avoided.
