When working within the commercial real estate market, particularly as a lessor or as a lessee, you will benefit from a well thought out and agreed upon written contract. This agreement can go far in establishing a persisting symbiotic relationship between parties. Because contracts are legal and binding, it is imperative that you carefully consider everything you are requesting or agreeing to. An attorney well versed in business litigation and commercial real estate can sit down with you and help you construct an all-inclusive document.
In the event that there is ever a dispute between a lessor and lessee or any other business faction, the existing contract should be upheld. So it is good to familiarize yourself with a commercial real estate lease agreement and some of the main differentiators from that of a standard residential lease agreement. In a commercial lease agreement, you will often find:
- Longer terms for leases, lasting upward of several years.
- Fewer consumer protections from potentially dubious landlord tactics.
- Rarely a one-size-fits-most lease, as commercial leases must address a greater variety of needs.
- Negotiable terms, such as the monetary amount of rent, length of the lease, improvements allowed and rent increases.
In summation, there are a few substantial differences between what you would expect to see in a standard residential lease and what you will find in the rarely standard commercial lease contract. If you are renting or leasing real estate for commercial purposes in Ohio, it may serve you well to sit down with an attorney during the drafting of terms or, at least, to review the contract before it is presented to both parties, validated with signatures and possibly notarized.