Although provisions concerning rent and terms of tenancy are similar, commercial rental agreements have separate rules that are not applicable to residential rental agreements. Commercial tenants are expected to be knowledgeable about these laws and should take the time to familiarize themselves with them before agreeing to rent a commercial property or office space.
Gross Vs. Net Leases
1. Commercial property rental laws require landlords to specify whether they are providing a gross lease or a net lease to their tenants. With a gross lease, the monthly rental payments made by the tenant will also cover their business tax, insurance, and maintenance obligations. With a net lease, it is the tenant’s responsibility to make sure that these costs are paid.
Definition Of A Commercial Space
2. A commercial rental or lease agreement can encompass a whole building, a single room, or any existing combination of space and square footage as defined by the lease.
By law, the lease must specify exactly what the tenant is renting, from bathrooms to elevators, hallways, multiple offices, etc. The total rental square footage must also be clearly stated, as square footage is a major factor in determining the monthly rental amount.
ADA Compliance
3. According to the Americans With Disabilities Act, all commercial spaces where business is conducted publicly and more than 15 people are employed must be accessible to disabled individuals. Costs for necessary modifications are the responsibility of the property owner, and the lease or rental agreement must clearly state whether these costs will be paid for by the landlord, the tenant, or paid jointly.
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Gross Vs. Net Leases
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