A commercial leaseis a legal agreement between the owner of a commercial property (the lessor) and the lessee who wishes to use this space for commercial purposes.
Here are some of the elements generally included in a commercial lease contract:
- The identity of the buyer and owner
- The nature of the activity carried out on the premises
- Rent and service charges
- Rent payment terms
- Rent cancellation terms
- Breakdown of charges, any work required, taxes and fees
- Lease renewal rights and duration
- Amount of security deposit and method of return (optional)
