4 Mistakes Doctors Make When Leasing Medical Office Space

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At Larry “Max” Maxwell Law Practice, our focus is on delivering the best results for our clients, focusing on ensuring they are positioned to receive the most out of any agreement. Larry “Max” Maxwell is one of the most reputable health care contract lawyers in the industry right now. He knows the ins-and-outs of working with doctors, hospitals, and their relationships together. Along with the capability of his incredible team, you will receive quick results backed by years of experience for an affordable price.

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M A X H E A L T H L A W 5 Mistakes Doctors Make When Leasing Medical Office Space Larry “Max” Maxwell Law Practice

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1. Signing a Personal Guarantee Landlords love personal guarantees. However as a tenant you should not. A personal guarantee is a legal contract between a landlord and an individual to guarantee a specific obligation of a business usually the remaining rental obligation under a lease. Personal guarantees provide the landlord with additional recourse in the event of a default on a lease agreement.

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2. Underestimating the Cost of Tenant Improvements Tenant improvements for a medical office suite can be very expensive. Building out space to fit the unique needs of your practice can range anywhere from 50 to 250 per square foot depending on myriad factors such as the current condition of the existing suite warm or cold shell the level of specialized requirements for the practice and personal choice of improvement finishes.

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3. Underestimating the Timeline and Complexity of the Build Out Just as the cost for tenant improvements varies by practice specialization and current condition of the suite so does the project’s complexity and ultimately the timeline for delivery of the finished space For example a practice requiring a surgery suite and digital x-ray units will take substantially longer to design permit and build than a family practitioner’s office that may just require individual exam rooms.

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4. Trusting the Landlords and Their Agents to Represent You In a lawsuit it is illegal unethical – and even illogical — for an attorney to represent both the plaintiff and the defendant. There is an obvious conflict of interest. In real estate transactions this practice is called “dual agency” and it carries with it the same inherent conflict of interest except that it is legal and done all the time by so-called “full service” real estate agents We are unique because we represent only tenants never landlords. Landlords hire the “full service” real estate agents to find doctors to fill their empty medical office buildings.

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