Are there any differences in a commercial lease as compared to a residential lease?
There are many similarities between residential and commercial leases, however there are differences as well. Residential tenancies tend to be more regulated by state and local law than commercial rentals in order to ensure that residential rental property meets basic standards set by law regarding habitable living conditions and to fix certain rights and obligations of the parties. Since housing is such a fundamental need, the law sets forth such minimum standards.
On the other hand, commercial leases are for things like office space, a retail store, or storage/wharehouse use. Commercial leases are viewed as contracts between knowledgeable business people who have had the opportunity to fully negotiate the terms of the rental. As such, in most commercial situations the law provides that the rights and obligations of the parties are goverend by the terms of the lease. Certain types of of commercial leases are more regulated by law than others, however, depending on the nature of the use intended for the lease and the particular business/industry.
Other Leases FAQs
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What is a lease?
A lease or rental agreement is a legal contract between a landlord and tenant. The agreement gives the tenant the right to use and occupy the rental property for … more -
I have been renting a room for the last six months but I never signed a lease – do I still have a legal right to occupy the room even though I never signed a lease?
Yes. Although a written lease is beneficial to protect the rights of both parties, oral agreements are valid where the lease period is for no more than one year. … more -
If oral leases are valid for a lease under a year – then why do I need a written lease?
A written lease makes terms clear to both parties whereas future disputes in an oral lease may be difficult to resolve due to uncertainty to the terms of the … more -
If I do make an oral lease – what terms should I discuss with my future landlord?
An oral lease requires both parties to agree to specific terms. In most states, oral agreements require the parties to agree on: Duration of tenancy (no more … more -
What terms should be included in a written lease?
A written agreement should include all terms that are required under a lease and other specified terms that may be otherwise material or ambiguous unless put in … more -
Can I choose to rent only to Hispanic tenants?
In general, a landlord may choose their tenants freely based on business criteria such as the prospective tenant’s credit history, income, and references. In … more -
Are subleases usually allowed?
Unless the lease prohibits a sublease, a tenant may assign the lease to a third party. Many leases either prohibit subleases or require adequate notice to the landlord. -
I found a place that I like better than my current place. Can I get out of my current lease?
It depends. If you are on a month-to-month lease, in most states you are required to give the landlord 30 days notice to end your lease (usually that notice … more -
If I have to sue my landlord or if my landlord sues me – who is responsible for the legal fees?
Usually, the lease will have a provision that states that the “prevailing” party in any lawsuit will be able to collect reasonable attorney fees. … more
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