Get it in writing. You have likely heard this phrase at some point in time and it should resonate with you in many aspects of running your dental practice. For instance, if you are leasing a space for your practice, you should seriously consider getting a written lease. While verbal, handshake agreements may be tempting due to their relative ease, you end up risking a lot by sacrificing a formal written agreement. So, consider putting in that extra work on the front end of things. You may end up saving yourself a lot of headaches as a result.
Why You Need a Written Lease
A lease is a property agreement between the owner and tenant. The terms of the lease are legally binding, but there does need to be evidence of the terms that the owner and tenant were bound to in order for a lease agreement to hold up in court. That is one of the big reasons to get your lease in writing. It will be difficult for a court to enforce the terms of a verbally agreed-upon lease and the situation can easily devolve into a “he said, she said” one.
With so much demanded of you in running a dental practice, it is easy to see the temptation of cutting some corners. After all, a handshake agreement may lack formality, but it can feel secure and easy at the time it occurs. Furthermore, a strong, written lease agreement will address a lengthy list of things related to your dental practice’s occupation of the property. Such a document should address things like the rules and policies related to the property’s use as well as conflict resolution procedures. It should set forth the terms of both the tenant and landlord’s responsibilities. With all this, it could be too easy to have an informal agreement and delay setting any specific terms down in a written lease. Doing so, however, can put your business in jeopardy and cause many more problems down the road.
A written lease will protect your dental practice by doing things such as documenting your right to use the property for purposes of running your dental practice business. It is a clear record of the terms you agreed upon with the landlord. There is no need to rely on the memory and honesty of another. With all of the terms of the lease clearly memorialized in the written lease agreement, you have concrete proof of the terms. You will know and will more likely be able to enforce your rights to the property and your right to use the property. Additionally, should you choose to sell your practice, having a written lease agreement in place will help. It is likely the buyer will want to see the terms of your lease as part of the sale and failure to have the lease in writing can cause serious delays and even lead to the seller walking away from the deal altogether.
Dental Law Attorneys
Let the trusted team at Mahan Dental Law draft a lease agreement for your dental practice that will protect your rights and the best interests of your dental practice. Contact us today.
