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Why You Need A Commercial Lease Agreement

Whenever you rent a commercial building to a tenant, you will need to have them give pertinent information, read through a lease agreement, and sign the document before you give them access to or allow them to move into the building. In many ways, the document for commercial properties is similar to other leases because they will define the responsibilities and rights of the landlord and tenant both. This is a legally-binding contract, which means it must provide all the required information, including the tenant’s name, property name, and lease terms. Everything should be stated clearly so that there is no confusion.

Differences

A commercial lease agreement does differ from a domestic one because with residential terminology, the property is a home and with a commercial one, it can cover many properties and options, including factories, stores, offices and more. It may also include other things, like park lots, and what more comes with the building. By including this information, you make everyone aware of what is leased and what is expected.

Standards

Primarily, residential leases will require you to be highly specific about what you offer and provide. However, commercial agreements have no set rules or standards for the form. This means that you can use almost any template you want, as long as you give the right information and both parties agree to the terms.

Extra Help

If you’re still unsure what to include in your lease agreement or how to draft one, it may be wise to consult with V.S. George Lawyers, a commercial solicitor that can help you better understand what needs to be included and why.

They can help you with business and commercial needs, as well as conveyancing, leases, and many other situations that may arise over time.

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