Commercial leases provide a tenant a lawful right to exclusive usage and control of either the entire or a part of a commercial property, for a particular amount of money and a particular time period. The tenant shall have all the rights as deemed fit by the lease, that shall be signed and agreed upon both by the landlord and tenant. In case of a commercial lease, the use of a property may be for official utilization or even as a store.
The important factors covered in a commercial lease are:-
- The duration of the lease as well as if it can be renewed by the tenant if required.
- The exact account of the property including the address.
- The rent amount and if it shall be paid in advance to the landlord and on which date of each month.
- The exact manner in which the property shall be used.
- Responsibilities of building or repairing as well as maintenance.
- Right to sublet as well as termination rights.
- Rules regarding the security deposit and its amount.
To sum up, when making a bond to lease business real estate, it is significant to appreciate the main ideas of a contract and each party must have complete knowledge regarding all the aspects such as financial, property usage or otherwise. Even hiring an attorney to legalise the formality may not be a bad idea at all. This shall go a long way in creating an understanding relationship between a landlord and his tenant.