What does a Lease Agreement Lawyer Do?
A Lease Agreement Lawyer is a qualified attorney who has expertise in drafting, reviewing, and negotiating lease contracts. Lease agreements are legally binding contracts that define the terms of a rental agreement between a landlord and a tenant. As leases are contracts, they must be properly drafted with all the necessary information and contingencies included.
A Lease Agreement Lawyer will typically have the most current experience in drafting and reviewing leases. Not only does a Lease Agreement Lawyer know the law, but he or she also generally stays up to date with any changes in common practices within the industry. While current industry practices may differ from the letter of the law, it is often true that a lawyer who regularly handles the type of lease you are seeking assistance with will be familiar with the general industry practices for that type of lease .
It is generally advisable to review or draft a lease agreement with a lawyer who is experienced in the type of lease you are handling. For example, if you are drafting a restaurant lease, find a lawyer who works with restaurant leases or other commercial leases regularly.
In addition, a Lease Agreement Lawyer is often familiar with other industry professionals who can help ensure that your lease is handled properly. For example, if you are renting an apartment, a Lease Agreement Lawyer will often know the proper professionals to review your lease with to make sure the landlord is operating within the law. A good Lease Agreement Lawyer will generally understand the pros and cons of the industry and be able to guide you towards other industry professionals that can help ensure that your interests are protected.
For example, if you are renting an office space, a Lease Agreement Lawyer will probably know trustworthy commercial movers that will help you move your office equipment.
Cost Factors for Lease Agreement Lawyer Services
A multitude of factors may influence the amount you may have to pay to a lawyer to assist you with your lease agreement:
Geographical location: Where is your business, state, and ultimately your leasing relationship going to be? Some jurisdictions are more expensive than others. Your geographical location or where your business will ultimately be located will be an important factor. Be sure to research the average costs for a lawyer in that locale. Obviously, you don’t want to be surprised at the costs when it’s time to pay the bills.
Complexity of the lease: Is this going to be a long term lease? Will it involve multiple properties? Will it be in a jurisdiction that has complex laws or regulations? Again, each of these factors will logically increase costs. And as discussed earlier in this article, if you’re on a budget or have a small business, you may not need a lawyer for complex leasing arrangements.
The experience of the lawyer: Often the more experienced and established a lawyer is, the more expensive they are likely to be. And the reverse is true. So be sure to ask about what type of experience the lawyer has when it comes to lease agreements. This doesn’t mean that you shouldn’t request the representation of a younger lawyer if their fees are lower. You need to decide what works your unique situation.
Lease Agreement Lawyer Fees – On Average
The average cost of lease agreement lawyers in the United States is around $2,500 to $5,000. Of course, costs vary depending on where you pay for a lease agreement lawyer. In places like Boston, an attorney might cost you between $4,500 and $5,000 if you’re paying hourly. However, there are some areas where the overall average cost for hiring a lease agreement lawyer is significantly less at about $1,500 to $2,000.
On a state level, the range for lawyers in Florida is between $1,000 to $2,500, which is much lower than the national average. In Kansas, it can be as low as $750, but that’s only if you hire an attorney based out of Kansas City that’s doing the work on the side. Estate planning lawyers in California typically charge about $1,500 to $2,500 per leased property. In Illinois, attorneys can charge anywhere from $2,500 to $3,500, as long as they can close on the lease agreement at their office.
A cheap lease agreement lawyer would be within the $750 to $1,500 range. The more expensive attorneys usually charge in the $3,500 to $5,000 range as explained above for the most high-end lease agreement lawyers. For the most part, there are not many attorneys that offer their services in a basic less restrictive contract, at least, that I know of. In most cases, you’ll find lease agreement lawyers that go into lease agreement negotiations with their clients right from the start and probably won’t give up until a deal is closed.
Attorneys by the hour for lease agreement counsel can be about $250 to $350 per hour. For those who insist on negotiating the documentation, yourself, you might only need to hire an attorney to draft documents. Flat rates for drafting a basic lease agreement can range from $500 to $1,500.
How to Save on Lease Agreement Lawyer Fees
There are different ways of saving on legal costs. A couple of examples include Bundles, Fixed Costs and Legal Aid.
Bundles
Clients can do a lot of assignments themselves. For example, a tenant may do up his own lease document, or a farmer may draft up a basic Will without paying for an entire range of services. These services can be bundled together, which means you buy the work you need at a reduced price. So if you need a regular lease document, you’ll pay less if you have five or ten drafted up rather than a single lease. Similarly, if you need a series of legal documents, their prices can be bundled too. Bundling your legal services also means you get a more specific agreement on your legal needs. Your lawyer will know accurately how much work he or she will be doing on your case. The client and lawyer can be an effective team in this arrangement, and a regular client will be rewarded with a discount .
Legal Aid
There are many people eligible for legal aid who do no take advantage of it. If your current income is low enough (or your debts high enough) you may qualify for legal aid. This could significantly reduce monthly installments, since the amount must be deducted from your salary, after tax. Legal aid is not the same as free legal service. Even if you are eligible, you’ll have to pay back the money you’ve borrowed. In many instances, the fee is calculated hourly, and then reduced to 80% of the total amount (to take account of the fact that you are repaying the loan).
Fixed Fees
When you sign an agreement with your lawyer for specific work, or you simply need the work done, a fixed fee is the way to go. This way, you know up front exactly how much you’ll be paying for the services.
When to Consult with a Lease Agreement Lawyer
When it comes to lease agreement lawyer costs, it is also important to know when a lawyer is needed. Not every situation requires lease agreement services from an experienced attorney. From time to time, however, legal help is imperative to ensure your best interests, rights, and future are looked out for properly.
For example, when entering into a lease for a new business location, having an attorney carefully review the lease agreement is an absolute must for the landlord. Lease agreements often contain many different stipulations that can affect a business considerably. Being charged for every square foot of space or included amenity often leads to overages in expenses, especially when utilities, janitorial, and maintenance are not included.
At the same time, many businesses do not have the funds to pay for their own dedicated space, especially if they are just getting started or they plan to use only part of a larger space. Space sharing, or subleasing, has become very popular as a result. Unfortunately, unless the terms of the lease agreement are absolute, sublease terms may be at risk if the landlord decides to sell the property. This could affect everything from security deposits to lease break options.
Landlords with extensive rental portfolios often need a lease agreement lawyer for ongoing compliance. Many municipalities have different requirements for mold, mildew, lead, and other environmental hurdles. There can also be liabilities that may need to be addressed with tenants, such as fire escape obligations, pollution, rough plumbing, legal, etc. Professional legal representation can help landlords stay ahead of compliance so tenants remain satisfied and assets do not depreciate in value.
Lease Agreements – Do it Yourself or Hire a Lawyer
There’s no denying that hiring an attorney to draft a lease agreement will cost you money. An attorney’s experience in formatting your rental contract will likely save you money in the long run, but if you’re trying to cut costs while starting otherwise successful business, you may want to consider drafting an agreement yourself. Below are some pros and cons of drafting a lease agreement yourself.
• Drafting your own lease agreement probably will be significantly less expensive than hiring a professional. If a lawyer charges you $300 to draft your lease, that could be a far more affordable option for you than going without a lease agreement entirely. A lack of a lease agreement puts you and your business at numerous risks without an attorney’s protection.
• You can draft your own lease agreement quickly, whereas an attorney takes time to create a personalized contract. If you’re in desperate need of a lease agreement for your small business, then you’ll probably find it more convenient to use an online leasing program or a print lease agreement that is ready to be filled out.
• Most of the professional lease agreements available online will contain clauses that may not suit your business . This means that you’ll typically have to go through and change countless aspects of the lease agreement, which may take longer than it would to have hired an attorney from the beginning.
• Always remember that your small business is a legal entity and will require a rental agreement customized for you. This is an important legal protection that no self-made contract can provide.
It’s just as important to realize the downsides of a self-made lease agreement, so that you’ll understand just how important your contract can be.
• You’re not a lawyer. If you were trained under a real estate lawyer, you’d probably know how to write a lease agreement. But most people don’t have that training, and aren’t aware of the current laws pertaining to these contracts.
• A real estate lawyer has the experience and expertise necessary to draft a lease agreement with protection for both you and your tenant. If you don’t have that expertise, then it’s recommended that you hire a professional lawyer who can help you write the contract you deserve.
• You’re liable for everything that happens in your rental property, such as an injury or safety hazard. You need a lease agreement that protects you from these pitfalls and gives you every legal right. If you draft it yourself, then you may leave out an aspect you’ve overlooked.
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