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Know what happens if you break a lease

When you sign a lease, you hope that you'll stay put until the end of the term. However, you know that things can come up along the way.

Before signing on the dotted line, make sure you are 100 percent clear as to what will happen if you need to terminate the lease before it ends. This will ensure that you are familiar with your options, as well as the potential consequences.

If for any reason you think you need to break your lease early, the best thing you can do is contact your landlord. At that point, you can learn more about the process for moving forward.

In some cases, your landlord may be willing to work with you in order to make this as simple as possible. It doesn't always mean that you'll escape financial consequences, but you may be able to minimize the damage.

Generally speaking, if you attempt to terminate a lease early you will be required to pay the rest of the period outlined in the agreement. But as noted above, there is a chance that you could work out an arrangement with the landlord. For this to happen, both parties will need to agree on the terms.

There are many reasons why your business may need to break its lease. For instance, you could find your company in need of more office space due to a hiring spree.

Before you sign a lease, in New York, be sure to learn more about the consequences of breaking it. You hope that doesn't happen, but you know in the back of your mind that it's a possibility.

Source: FindLaw, "What Are the Consequences of Breaking a Lease?," accessed Aug. 31, 2016

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