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Where do I get a lease? [FAQ]

JeffreyGreenbergerJeffreyGreenberger NALate2Lien Moderator, Self-Storage Legal Moderator
edited April 2017 in SelfStorageLegal.com

ANSWER:  

There are several sources for leases.  Obviously, it is in your best interest to hire an attorney to prepare a proper customized lease for your facility based on your state laws and your individual facility needs and goals.  If you are going to have a management company operate your facility make sure that you know the source of their lease and that it has been professionally reviewed and approved for the state in which your facility is located.

Some state associations offer form leases.  State association leases are often a wonderful place to start, but not a good place to end.  State association leases tend to be overbroad or try to be something to everyone and end up leaving you with a section of your business not covered while you have sections of the lease that are not applicable to your business.  For example, few state association leases address vehicle storage or temperature control.  This is going to require you to draft addendums to cover these portions of your business.  By the time you are done drafting that many addendums, it may have been more economical to have your lease drafted by an attorney based on the state’s lease.

There are also vendors who sell lease packages.  Be careful to understand what you are buying.  While a lease may have, at one time, been reviewed by an attorney, changes in the industry are so rapid now, that if the lease has not been updated or recently reviewed by an attorney it may not be worth purchasing.  Also, packaged leases normally come with a purchase plan requirement or have a limitation built into the software of the number of times you can use the lease before you have to renew your “subscription” to the lease package.

The absolute worst thing you can do is borrow a lease.  You do not know where the lease came from, who developed it, or how many other people have had their hands on it before you get the lease.  When we see leases in our office that are borrowed, there are often ambiguities, inconsistencies, repetitiveness and large important issues missing.

Contact us to discuss a lease!



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