Free Real Estate Lease Negotiation Meeting Minute Template

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Free Real Estate Lease Negotiation Meeting Minute Template

REAL ESTATE LEASE NEGOTIATION MEETING MINUTES

Meeting Details

Date: October 20, 2053
Time: 10:00 AM - 12:00 PM
Location: Conference Room B, Downtown Office

Attendees:

  • [Your Name] – Real Estate Agent

  • Jane Smith – Property Owner

  • Emily Johnson – Potential Tenant

  • Michael Lee – Legal Advisor

Objective

The primary goal of this meeting was to negotiate the terms and conditions of the lease agreement for the commercial property located at 123 Market Street. The intent was to establish a mutually beneficial agreement that satisfies all parties' needs and aligns with their objectives.

Agenda

  1. Welcome and Introductions

  2. Review of Property Details

  3. Discussion on Lease Terms

  4. Negotiation of Rent and Payment Terms

  5. Agreement on Maintenance Responsibilities

  6. Clarification of Legal Considerations

  7. Conclusion and Next Steps

Discussion Points

  1. Review of Property Details
    The meeting commenced with an introduction to the key features of the property presented by John Doe, the real estate agent. Highlights of the property included:

    • Total Area: 3000 sq. ft.

    • Location: Prime position in the heart of the downtown area, ensuring high visibility and accessibility.

    • Condition: Recently renovated with modern amenities designed to meet the needs of businesses today.

  2. Discussion on Lease Terms
    The following core lease terms were discussed, with some key points amended during the negotiations:

Item

Proposed Terms

Negotiated Changes

Lease Duration

5 years

Amended to 3 years with a 2-year renewal option

Rent Amount

$5000 per month

Adjusted to $4500 per month

Security Deposit

2 months' rent

Reduced to 1.5 months' rent

  1. Negotiation of Rent and Payment Terms
    The parties discussed rent payment terms in detail, resulting in the following agreements:

    • Rent payments to be made monthly in advance.

    • A late payment fee of 5% will be applicable if the payment is delayed by more than 5 days.

    • Annual rent increases will be capped at 3% to protect both parties from extreme fluctuations.

  2. Agreement on Maintenance Responsibilities
    Maintenance duties were allocated as follows:

    • Landlord: Responsible for structural repairs and HVAC system maintenance.

    • Tenant: Responsible for day-to-day maintenance, cleaning, and upkeep of the property.

  3. Clarification of Legal Considerations
    Michael Lee, the legal advisor, clarified important legal considerations for the lease, including:

    • Compliance with local building codes and safety regulations.

    • Necessary insurance coverage for both the landlord and tenant to mitigate any liabilities.

    • Terms for termination and renewal of the lease, ensuring protection for both parties in the event of unforeseen circumstances.

Conclusion and Next Steps

The meeting concluded with a review of the agreed-upon terms and a clear plan for the next steps. The following actions were outlined:

  • Michael Lee to draft a revised lease agreement incorporating the negotiated terms and deliver it by October 25, 2053.

  • Both parties to review the draft and provide feedback by October 27, 2053.

  • A final meeting is scheduled for October 30, 2053, where the agreement will be signed.

The meeting was adjourned at 12:00 PM, with all parties in agreement on the next steps.

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