Call Us Now
Email Us Now
Protecting You and Your Property
If you own and lease out real estate in Central Florida, you are aware of a lease agreement. Leases are contracts that a property owner and tenant sign, acknowledging the terms and stipulations that both parties agree to when forming an agreement to rent out the property in question.
A legal lease agreement protects both the tenant and the property owner. Leases should cover the term of the lease. No lease agreement runs indefinitely, so the landlord and tenant agree on a term for the lease. Six-month, one-year, and month-to-month lease terms are all common terms for a residential lease.
Residential leases should also establish the rent rate, whether it will be paid weekly, monthly, or yearly, and the expected form of the payment, such as checks, online payments, or in-person payments. This should also be where any lay fee penalties are described.
Lease agreements should also inform the tenant of what they are responsible for as far as utilities, maintenance, deposits, and fees go.
Leasing agreements should be able to answer any legal questions either party has about the property, the expectations of both landlord and tenant and the terms of the agreement. Lease agreements should not be vague.
What is A Commercial Lease Agreement?
Commercial lease agreements are contracts between commercial landlords and another business to rent out an office space or other business property.
Commercial lease agreements are similar to residential leases with necessary term limits for the property, expected maintenance, rent rate, who is responsible for utilities, and any expected deposits and fees. There are some differences between residential leases and commercial lease agreements, though.
Commercial lease agreements sometimes have common area fees, fees that cover the cleanliness and maintenance of shared spaces between the multiple businesses that may use those spaces, like public bathrooms.
A commercial lease agreement should also stipulate the permitted uses of the commercial property. This outlines what the tenant may and may not do in the leased space.
Commercial leases can also have something called an “exclusive use” clause. This covers a single building that may have many businesses within it. Perhaps a tenant wants to open a deli in this building, but they want it included in their lease that they would be the only deli allowed to open in that building. Tenants may want an exclusive use clause included in their contract in an effort to limit competition moving into the same property.
Commercial leasing can have other requirements included in the agreement, such as required insurance to cover the business interests and property, expectations for exterior appearance, and any penalties that may be incurred if the lease is broken.
How Can a Commercial Real Estate and Residential Real Estate Attorney Help You?
The first job of a commercial real estate and residential real estate lawyer is to help landlords draft water-tight lease agreements that protect both the tenant and the landlord. A lease agreement must be able to hold up to scrutiny in court. Any error, out-of-date clause, or illegal statement can entirely unravel the protections a lease offers the landlord.
Lankford Law Firm is an experienced Orlando commercial lease lawyer who can help you draft your leases, protect your property, and keep you informed.
Contact Lankford Law Firm today to discuss the elements of your case!