Consult Local Attorney Before Signing Lease

Before you sign a lease, have a local attorney review it. Since real estate laws aren't uniform among the 50 states, it's important to consult an attorney who can practice in the state whose laws will apply to the lease. Otherwise, you risk getting burned by unfamiliar state laws—or losing out on important state-specific rights.

Owners that don't realize how crucial state law is for their leases rely on attorneys at one firm near their main office—or in-house attorneys at the main office—to draft leases for all of the owners' buildings or centers, even though they haven't been admitted to practice in the states whose laws will apply to the leases. A major right that is state-specific is the right to extend the amount of time the owner has to file a lawsuit against the tenant. But if your lease doesn't meet your state law's criteria for doing that, you could miss out on taking advantage of that.