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If you’re the owner of commercial property and are looking to rent it out to individuals or businesses, you’ll need to get a strong Commercial Lease drafted.
A well-drafted Commercial Lease will include all relevant terms which define the rights and responsibilities of the landlord and lessee.
If you’re thinking of leasing out your commercial property, we recommend that you get a strong Commercial Lease drafted to ensure your property is protected and the terms on which you wish to lease it out are clear to your prospective tenants.
Alternatively, if you’re a lessee and have received a Commercial Lease from the landlord of a commercial property, it’s best to have a lawyer review the agreement before you negotiate and sign it. This will allow you to ensure you understand exactly what you’re committing to.
What Is A Commercial Lease?
A Commercial Lease is a formal contract between a landlord and a business who is renting the landlord’s property for commercial purposes.
Commercial properties can include office spaces, warehouses and storage spaces.
Compared to Residential Lease Agreements, Commercial Leases work a little differently.
This is because the terms of a Commercial Lease are more negotiable and can vary between leases.
Whether you’re looking to get a Commercial Lease drafted or reviewed by a lawyer, it’s important that you understand exactly what you’re signing up to.
This is especially important if you’re planning on operating your business on these premises for a few years — in this case, you’ll definitely want to make sure you understand everything that’s involved.
What’s Included In A Commercial Lease?
Some of the key terms included in a Commercial Lease are:
- Lease Duration: Do you want a long term or short term rental commitment? Will there be an option to renew?
- Rent Reviews: How often will there be a review of rent payments?
- Costs: What other costs will be involved in the lease agreement?
- Repair and Maintenance: Under what circumstances will the landlord pay for repair and maintenance? What appliances will be replaced by the landlord?
- Assignment and subleasing: When will the tenant be able to sublease the premises?
- Termination: Will there be an option for both the tenant and landlord to terminate the lease early? Will there be fees associated with early termination?
Need Help With A Commercial Lease?
Whether you’re a landlord or tenant, having a well-drafted Commercial Lease will ensure you are protected legally — covering all the relevant provisions if something were to go wrong.
Having a lawyer draft and review your Commercial Lease will give you clarity around the terms on which you’re entering into an agreement with the landlord/tenant.
Feel free to get in touch with us to have a chat to us about your business and your questions about commercial leases. You can reach us at [email protected].
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