Whether you are a property owner leasing out a space to a business owner or an entrepreneur looking for a new space for your company, you need to understand what your commercial lease may need to include. When you sign, both of you are then bound by that contract. This can have a massive impact on earnings and future freedom, so make sure you absolutely know what the lease should contain before moving forward.
To get you started, here are some of the main things included in a commercial lease:
- The term of the lease, with the start and end date clearly specified
- The set price of the rent and how/if it can be changed
- The agreement about who will pay for the utilities
- An agreement about who has to pay for updates, changes, repairs and other such modifications of the space
- Rules about how to break the lease from either side
- What obligations the tenant and the landlord hold that may fall outside of the norm
- What type of business can be run out of the space
- What areas count as common areas and what ones are included in the rental space
- Regulations regarding security cameras, locks and other such systems
- An agreement about if/how/when the landlord can enter the space
- What the company owner is allowed to do to change and modify the space to their own needs
Again, this is not all that the lease should include. Businesses may have unique needs. But this should get you started, and it shows how important it is to understand your legal rights.