If one wants to build a business, one thing they need to consider is to get their own office. One can always hire a construction company and interior designer to build and decorate the office, but if it is a start-up business without the right amount of capital to do so, then the owner will need to rent a space first. As an owner of a commercial building, renting your space will do you both good, since you can gain profit and them, an office. In this article, we will discuss business lease agreements and how to make them for your own use.
7+ Business Lease Agreement Samples
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3. Small Business Finance Lease Agreement
4. Business Commercial Lease Agreement
5. Business Short Term Commercial Lease Agreement
6. Business Lease Agreement Format
7. Business Operating Agreement Format
8. Business Lease Agreement for Office Speace
What Is a Business Lease Agreement?
A business lease agreement, also commonly known as a commercial lease agreement, is a contract agreement between a commercial landlord and a business tenant. The real property involved in the agreement is a space or floor owned by the landlord that will be rented by the tenant in return for a monthly payment. The contract will include clauses such as termination, and dispute resolution, as well as terms and conditions for rent payment, facility maintenance, renewal, and other provisions duly agreed upon by both parties.
How to Make a Business Lease Agreement?
In making a business lease agreement, it is important that you have met the tenant and have duly discussed the terms on which your document will be based. You will also need to download a template to help you with time management and make your work easier or quicker. Here are some of the parts of the agreement which you will need to write.
1. Details of Two Parties
The first part after the title of the documents is the names of the contracting parties. Here, you will need to write down the complete names, addresses, contact information, as well as your designation upon contracting (i.e., operations manager, landlord, etc.). Since this document will be notarized for legal purposes, then on the last page where the notary acknowledgment will be written, prepare a space where you can write down your ID card details.
2. Property Information
Next, you will need to write down the description of the real estate property in the contract. Do write down the complete details, such as the area of the space, dimensions, and location (if it is in the mall, including floor number and stall number). If there are available facilities, utilities, or installations in the area, also include them (such as aircon, heaters, refrigerators, electric fans, etc.).
3. Duration of Rent
After writing the real property’s information, it is time for you to write down when the renter would officially begin their tenancy and when it would end. This is important especially if you want to know when the tenants plan to move out so that you can prepare it for the next tenant. This section is also where you want to give them the option of how many days they should be giving the notice to vacate if they ever plan to terminate the contract after acquiring the space.
4. Rent Payment
Here is the part where you will need to tell the tenant how much they would need to pay you on a monthly basis as agreed. Aside from the original payment, you also need to include the interest rate for every late payment and how much they should need pay for the use of utilities. Make sure that what you have written in the agreement is what you have discussed, otherwise, you will have to answer to the tenant why the price was changed and that would be bad for your rental business.
Why should I need a business lease agreement?
A business lease agreement is very important if you want to protect your commercial property and rental business from any and all illegal disputes and lawsuits with tenants. Both tenants and landlords will also be able to act on their respective obligations towards each other as agreed upon discussion and signing of the document.
What are the benefits of a commercial rental business?
There are many benefits of renting out a commercial property, but one thing that stood out is that you are able to increase your finances. Every year, real estate property value increases, and with that, there is also a higher possibility of rental fees increasing as well. As the landlord, you will be able to save a lot of money and even buy another property so you can develop your business further.
What other things should a business lease agreement have?
A business lease agreement should have a clause for restrictions such as the bringing of pets (if the property does not allow pets inside the premises), bringing of illegal substances, bringing of appliances that are otherwise prohibited in the contract, or doing business in the same space that is not included in the agreement.
Secure your commercial rental business the right way by making a lease agreement that is comprehensive and detailed which you can use with other tenants. This will help you establish a good relationship with your tenants, too. Download our editable and printable lease agreement templates today by clicking on our available samples or visiting our website gallery.
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