Real Estate Tip – Tenant Fit-Up: When is the Job Complete?
Rent payments may be tied to a fit-up completion date, such as the tenant’s opening or receipt of an architect’s certificate. Once the fit-up work is complete and the tenant is paying rent, what happens if the landlord receives a notice of mechanics’ liens? Does a tenant have the right to say the work is not complete and then recalculate the rent commencement date?
Landlords and tenants can avoid facing these questions by discussing liens for complete but unpaid work with legal counsel before the lease is signed.
Today’s real estate tip is brought to you by Rick Smith, a LEED Accredited Professional and member of Bernstein Shur’s Real Estate Practice Group and Green Building Team. Stay tuned for more useful tips for real estate professionals.
For more information on tenant fit-ups, contact Rick at email@example.com or 603 623-8700 ext. 8829 or 207 774-1200.