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Pointers before renting a commercial space? Owners: 2 brothers


Pointers before renting a commercial space? Owners: 2 brothers

Last updated: March 12 2013
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  • Pointers before renting a commercial space? Owners: 2 brothers


    I would like to know all the important points to look into as the commercial place I am looking to lease out has 2 brothers as owners.

    There is no significant delegation of power as to who decides what and I would like to know what I should be sure as, I don't want to be the victim of their litigation, that could arise at a later date.

    Background: The land was initially ancestral, possibly inherited from the father and the brothers decided to not make a division of the property but construct a commercial complex as it is on the main road leading to a bus-stand. I would be the first leasee if I take the place.

    Quite a significant surrounding, opposite to ESI hospital, and 1/2 km away from a major bus stand with good number of people flocking around.

    The portion leased is 1/2 on the ground floor with parking and is actually 2 portions,
    a front portion I -27x15 and
    behind portion II -14halfx15 with shutters and a bathroom.

    Plan of business: + Clinic + Lab. Also who needs to pay for the interiors, flooring, electricity lining, plumbing etc.

    - Should I go ahead with this place?
    - What should I bring to terms with the owners both oral and written?
    - Any documentation, that I need to check? (EC, Loan sanction, Pending cases?)
    - Any provisions regarding parking space, that I need to be clear about?
    - Later planning to work 24H, should there be a provision in the document to cover that?

    Last edited March 12 2013, 11:08 AM. Reason: Addition of points
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