The world has become a very small place after the advent of technology. Moreover in this small place, it is not easy to have a space of your own. If one possess some personal space then that person is very happy and rightly so. However, what if the person owns a couple of spaces? One cannot live in two personal spaces at the same time. It is beneficial for that person to commercially lease out one of those spaces. This decision will stand him/her in good stead on two key fronts. First and foremost, in today’s extremely costly surroundings, an extra couple of thousand dollar bills won’t hurt him/her. Secondly, the personal space of that individual will be looked after in a much better way rather than keeping that place empty. To top it up with some sugar, you will also be helping other person out. However, nowadays there have been many cases where the leased party through some legal technicalities have been able to get hold of the personal space and the individual who owned that place was doomed. Hence, one needs to have a strong and tactful commercial lease agreement in order to keep his/her property intact. Let us have a closer look at some of those points.
It is of paramount importance to note the exact space that has been meted out to the tenants. In many a cases, it has been seen that there is a lot of difference between the actual length of the space and the given one.
Secondly, it is important to write the number of tenants that are supposed to live in the leased property. Many a times we have seen that on the pretext of leasing a property the tenants call out ‘n’ number of people in the leased out apartments and then reason that since they have paid the full bounty, they can call as many people as they want to and more number of people indicate only one thing and that is mismanagement of the leased property. So the actual number of tenants must be asked for in the lease agreement and it should be noted that any increase in the number is not entitled before the wish of the proprietor.
It should also be noted that whether the leased out property is on a gross lease or on a net lease. There are many cases where due to this minor complication court cases are going on. Hence, it should be made clear on the lease agreement whether the tenant only has to pay the rentals of the house, which is called a gross lease or whether the tenant needs to pay a share of real estate tax and other taxes along with the rental. This is called a triple net release. So a commercial lease agreement must encapsulate these points.
Last but not the least, other activities that might look minor at first but can cause havoc must also be dealt with in the lease agreement. Whether the tenant can keep his/her pets or not, prohibition in the use of drugs and in some case even loud music is not tolerated. So all these activities must be accounted in the commercial lease agreement.
Hence, an ideal commercial lease agreement should have at least the aforementioned four points.
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