What Should Be lncluded In An Office Lease Agreement

Unlike residential leases, commercial leases are not a standard document. The lease is typically tailor made to fit your specific business requirements. Below are 12 questions to ask and have answered in your lease agreement.

 

1. What is being leased?

Your landlord should include the legal address of the property he or she is leasing to you. It should not merely read 123 Main street. It should additionally include the lot, block number, unit number and everything else as it appears on the deed of the building.

 

2. How long is the lease?

There must be a start and end date to the lease. If it’s for 5 years, specify the day it begins and the day it ends.

 

3. Who Is The Landlord?

The owner’s name or company name should appear on the lease even if it’s being leased through a Property Manager.

 

4. Breaking the Lease

Monetary penalties for breaking the lease should be detailed to the dollar amount. This will minimize conflict if you choose to discontinue your lease at any time.

 

5. When the lease expires

You should know if your lease automatically renews itself or if you will have to renegotiate another lease agreement.

 

6. How is the office being provided to you?

Specify if you are receiving the property as it is. When you rent a serviced office (like this one) include the list and condition of all furnishings. Make sure there is a detailed account of everything from the carpet to the walls. The move in condition will be compared to the move out condition.

 

7. Security Deposit?

If you paid a security deposit for the office, ensure that the amount paid or still owed is included.

 

8. Rent Amount

Landlords are known to make deals when leasing commercial space. Know how much the actual rent will be once the move in deal is over. Include dollar amounts and dates before signing the document.

 

9. CAM

Commercial rentals typically charge a CAM fee. That is your payment for use of community amenities such as parking, sign space and exterior maintenance. Confirm the amount you owe for that fee and when it is due. Find out before hand if there are any parameters on the sign you choose to display.

 

10. Expansion

Should you choose to expand your business or have another type of business in your rental space, it’s best to know in advance if there are any restrictions.

 

11. Repairs

Who is in charge of fixing what? Be specific in order to avoid misunderstandings. With units in larger buildings, be sure to know who to contact.

 

12. Resolving Disagreements

If you and the landlord disagree how will it be resolved. Are you expected to send written notice for all inquiries and requests?

There are lawful restrictions on residential leases protecting the tenant. Commercial leases do not have such oversight. Make sure you review your lease thoroughly and that all you have negotiated and discussed with your landlord has been inserted to your satisfaction.

 

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