First, your typical residential lease is for six months to a year, while commercial leases typically run from one to five years. Second, commercial leases are crafted to foster the successful operation of a business. Along with the standard monthly rent, duration of the lease, security deposit, who is responsible for utilities, and maintenance provisions, other necessary elements may include:
- Signage allowances and restrictions
- For multi-unit properties, a non-compete clause that disallows leasing to a business that offers similar services
- Addressing possible building modifications such as additional electrical or water lines if the business necessitates physical expansion
- The possibility of extending the agreement during the original lease period
- Property tax and insurance arrangements
- Whether the space can be subleased
- Lease termination procedures
It is critical both parties fully understand the lease terms and their responsibilities therein before the agreement is signed. At the Law Offices of Peter V. Lathouris, LLC, we strive to simplify the language of commercial lease agreements so there are no misunderstandings. If you are a property owner, we will sit down with you to determine exactly what should be included in your lease, based on the property, its resources, its limitations, and what you want to gain financially. If you are a business owner who has received a lease agreement from a potential landlord, we will ensure it is tailored to your specific needs and that it is in your best long-term interests. If it falls short of these standards, we will negotiate on your behalf until the agreement is satisfactory.
Contact a Westport Commercial Real Estate Attorney
At the Law Offices of Peter V. Lathouris, LLC, we create lease agreements that promote a fruitful and prosperous partnership between commercial property owners and their renters. With 30 plus years serving Connecticut clients, you can depend on our trusted service and diligent client care. For a free 30-minute consultation with a Darien real estate lawyer, contact us today.