What Should Be Mentioned In A Commercial Lease Agreement?
A commercial lease agreement is a contract between two parties where one party (the landlord) provides a certain amount of space/property to the other party (tenant). In exchange, the tenant pays rent to the landlord for the use of the property.
A residential lease agreement is different than a commercial lease agreement because it is not intended for business purposes. Residential leases are written for people who do not intend to own the property they live in. Commercial leases are usually written for businesses who want to own their own building or land.
Top Things to Mention in a Commercial Lease Agreement
In a free commercial lease agreement, you should include:
Rent
Rent is the amount of money paid to the landlord for the right to use the property.
Security Deposit
The security deposit is money given to the landlord by the tenant prior to signing the lease. The purpose of the security deposit is to ensure that the tenant does not damage the property while he or she lives there. The security deposit should cover any damages done to the property and should be returned if no damages were caused.
Renewal Option
If the tenant chooses to renew his or her lease, then the renewal option is included in such kinds of legal forms online. The renewal option gives the tenant the opportunity to renew the lease for additional terms. The tenant can either accept or reject the offer. If the tenant accepts, then the original terms of the lease remain unchanged. If the tenant rejects, then the original terms become null and void and the tenant must sign a new lease.
