Looking at a small pre-leased office space where I'd be stepping into the landlord's shoes with an existing tenant already in place. First time doing this, not sure what clauses actually matter to a buyer versus what's just standard boilerplate.
Check how much lock-in period is actually left, and whether the tenant has any right of first refusal written in that could complicate things if you ever want to sell. Also make sure the security deposit gets formally assigned to you at registration, not just handed over verbally between the old landlord and the tenant.
Read the escalation clause carefully too, and what happens if the tenant decides to vacate early. Some agreements are vague on notice period in a way that only becomes a problem after you're the one holding it.
Right, hadn't even thought to check the notice period specifically, will ask for the full agreement instead of just the summary the broker gave me.
One more thing, check the occupancy certificate status of that specific unit, not just the building as a whole. Big commercial buildings sometimes have OC issues on certain floors even when the rest is fine.
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