How to Identify a Legal Commercial Property Lease Agreement Form

One way of contributing to a country’s economic growth is by doing business. And with that is your need to either own or lease a commercial property so that you can establish your business. When it comes to leasing, you need to get into a binding agreement with the leaser so that you can agree on terms and conditions of lease. In order for you not to be manipulated, you need to go into a legal agreement. You need to look at the following things in order for you to easily identify a legal commercial property lease agreement form.

The Basic clauses

The agreement should list the parties involved. This is you and the leaser. Your addresses and contacts should also be captured here. The terms of payment should also be featured. This is where the lease period should come in. Be it month to month or year to year

Security deposit

In property leasing, security deposit is usually required. This acts as a commitment that you will occupy the space as agreed. It also gives the leaser assurance that in case of any damages or rent default, the property will still be covered. The agreement should clearly state the terms of deposit refund in case of no damages. You need to be very keen on this clause and ensure it features in the lease agreement template.

Property maintenance

The property should be kept neat and well maintained, be it cleaning or repair. Most of the times are that damages in the property occur during your tenancy. It can be very hard to know how to go about it if it was not agreed upon. It is hence important to check it is well stipulated before you sign that commercial property lease agreement form. Check out Law4US

Subleasing

After using the property for some time, you may need to relocate or change business. You may opt to sublease the property to your friend or relative without necessarily involving the leaser. This might prove difficult if was not agreed upon in the initial agreement. You should be keen and ensure that clause is well stipulated in the commercial property lease template

Termination of the agreement

Termination occurs upon expiration of the lease period. You may end up losing your benefits and interests in such a scenario. To prevent such, you need to look out whether the commercial property lease agreement form has the termination clause. The clause should be fair to both parties. You need to be vigilant on this area because you may find yourself on the wrong side of the law. This may help you from manipulation from the leaser.

Concealed defects clause

Just like any other property, commercial properties are subject to defects. This may arise due to natural forces, breakage or even crumbling. To avoid being subjected to pay for such defects, you need to countercheck the property against the agreement and see whether they match. In case of such a defect, the leaser should fix it before you move in or he captures it in the agreement stating how to solve that.

Leave a reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>