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A commercial lease describes the legal arrangement between a landlord and a tenant for the use of a commercial property for business purposes. The landlord grants the tenant exclusive rights to occupy, use, and maintain the property for the duration agreed. A lease will usually include provisions for rent payments, maintenance requirements and specific terms regarding how the tenant can use the property. It may can include clauses that cover sub-letting or assigning tenancy rights to another party.
Typically, commercial leases are longer-term agreements than residential leases and require more paperwork as they involve significant financial investments by both parties. Lease terms can range anywhere from a few months to multiple years and are usually set up with certain milestones or performance requirements that need to be met in order for either party to terminate the agreement early. Typically, landlords will require tenants to submit detailed financial information so they can assess their creditworthiness before signing off on any agreements.
When signing a commercial lease agreement, it is important that both parties fully understand all of its components in order to avoid potential legal issues down the line. This includes understanding what kind of taxes might be applicable based on local regulations as well as which party is responsible for repairs and maintenance costs. Additionally, landlords should also be aware of their rights in case of any disputes that may arise during the leasing period such as late rent payments or damage done to the property beyond normal wear and tear. Lastly, both parties should make sure that all relevant documents are properly filed with state or local authorities prior to entering into any binding agreement.