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Step 10 Write the Commercial Lease Agreement Use an attorney or draft the lease yourself. Make sure to gather all the information about the property and the tenant and enter into the agreement. Once completed, the document should be signed with the tenant and landlord in the presence of a notary public.
Include all terms of your agreement in writing. Identify clearly the parties and the property. Include the duration of the lease and related items. Include all information regarding the rental price. State the amount of the security deposit that the tenant will need to pay.
Net lease The tenant pays all or part of taxes, insurance, or maintenance costs that would otherwise be incurred by the landlord in addition to the stated rent. Double net lease The tenant pays taxes, insurance, and rent. Triple net lease The tenant pays taxes, insurance, maintenance, and rent.
Signed Generally, states require that commercial leases be signed by the party or parties to be charged. Notarization Some states, like Ohio, require that your commercial lease of three or more years not only be signed, but must be notarized in order to be valid.
Names of the landlord and tenant and/or their agents. Description of the property. Amount of rent and due dates for payment, grace period, late charges. Mode of rent payment. Methods to terminate the agreement prior to the expiration date and charges if any.
Identify the property covered by the lease. List the parties to the agreement. Set the length of time the agreement will be in effect. Specify the rent to be paid and when it is due. State the amount of any deposits or fees. Describe the consequences of late payment.
The Lease Must be in Writing It does not matter if the lease is handwritten or typed. If the lease is for more than one year, it must be in written form and contain the following terms.
Although the cost of preparing a lease agreement depends on the complexity of the agreement, it typically costs between $400 and $3000 for an attorney to prepare a lease, according to Solo. Some attorneys and legal-aid organizations offer reduced rates if the client is indigent.
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