Commercial Office Leases - Understand what you're signing for!
If when reading through your Commercial Office Lease you're left feeling totally bewildered - you're not alone! But unfortunately, it's one of things that you need to have a basic understanding of and simply can't afford to get wrong.
These basics of Commercial Office Leases will help give you a better understanding of what to look out for when understanding your Office Lease.
What is a Commercial Office Lease?
A Commercial Office Lease is a legally binding document that imposes liabilities and obligations on both parties (the Landlord & the Tenant) for the term of the contract.
What should the Commercial Office Lease contain?
Every Commercial Office Lease is different, and the Laws can also differ from state to state. That said, there are several things that every Commercial Office Lease should contain:
- The names of all parties involved
- The full address of the office property
- The rent, as well as a schedule of any rental increases throughout the term of the lease
- The duration of the term of the office lease
OK, so that's only the basis, but without that essential information, the Commercial Office Lease cannot be valid or held enforceable.
Typical Commercial Office Lease Clauses
The rest of the Office Lease is usually based around the relationship between the Landlord and Tenant; responsibilities, rights and obligations. These may include:
- Who will be responsible for designing, build out, and any improvements to the office property?
- How will the utility bills be divided between the other occupiers in the building?
- What commercial use is permitted on the property?
- How much Security Deposit will the tenant need to pay before moving in?
- What are the options to break the Office Lease Agreement before it expires?
- Does the lease 'automatically' renew after the initial term expires?
- Who is responsible for insuring the property?
Understanding the detail of every clause and implication requires the expert knowledge of a Commercial Real Estate Lawyer. Never sign an office lease that has not be reviewed by anindependent Commercial Real Estate Lawyer. They analyze and advise on Commercial Office Leases for a living, so getting legal advice is not only common sense - it's just sound business!
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