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A commercial lease is a type of lease that can also be termed as a business lease. This is usually created when a landlord chooses to give his property on a lease mainly for the purpose of business. It generally includes items like taxes, security deposits, expenses, obligations for repairs, construction of the premises to be leased, and so on. Below are answers to few of the more common legal questions on the subject: I have a property for which I want to sign a commercial lease. The property needs repair like cleaning dirty walls, carpets and so on. What form do I need to fill in if I have to submit a written request for the repair?
In this case, all you would need to do is make a list of the items that you want the landlord to repair and put them in a sheet named as “Repair Addendum.” On this document, it would be mentioned that the landlord agrees to repair the items as per the tenant’s satisfaction within a specific number of days already agreed upon between both parties, which should be before the tenant occupies the property and prior to paying the first rent. Then the document should have all the repairs stated according to the list. Then both parties should sign the paper and then physically attach the paper to the agreement so that it becomes part of it. How much would it cost if a person hires a lawyer to review a commercial lease? Do you need a lawyer for this?
According to the law, it is not required for you to have a lawyer review a lease. However, if you are not experienced enough with such leases and their issues, it is always a good idea to hire a lawyer who would help you walk through it. As a matter of fact, there are many clever provisions in the landlord’s form or contract and if the tenant knows about them, he or she can ask the landlord to remove those clauses from the contract. Therefore, the only way to know about such provisions is by taking the help of an experienced real estate lawyer. The attorney could usually charge you around two hundred and fifty to five hundred dollars for his or her services. Is there a certain time period for the commercial lease to extend or can it be monthly?
Usually, the law does not forbid a lease from being month to month. In fact, a lease should be considered a month to month lease; it does not matter if it extends beyond a year based on a verbal agreement or does not specify a fixed term. Both the landlord and tenant can be benefitted from the various options that the lease has to provide. The most common option of all is the option to renew. This particular option talks about the duration of the renewal term, the date by which the landlord needs to know about the tenant’s decision to renew and how the renting process would be in future. In addition to that, the notification date also acts as a warning in advance to the landlord informing him or her about replacing a tenant, if required. Moreover, this helps the tenant to establish a business plan. Therefore, this lease allows both the parties to plan the budgets as there is a provision for calculating the future rent. If you need any clarification about your particular situation with respect to a commercial lease agreement, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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