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Understanding your rights and responsibilities when it comes to a business lease is vital to ensure that the arrangement goes off without a hitch or a dispute arising. This is important whether you’re the owner of the property leasing it to a business or you’re the business owner who is leasing the property.
Each part in a business lease has obligations and responsibilities, as well as rights when they enter into these kinds of arrangements.
If you’re about to enter into a business lease arrangement, keep reading to make sure that you fully understand what you can expect.
First, what exactly is a business lease?
Also known as a commercial lease, a business lease is a contract agreement where the owner of a property suitable for commercial purposes is leasing it to a tenant who intends to use the property to fulfill their business.
The aim of the business lease is to outline the responsibilities of the business leasing the property (the tenant) as well as provide them with information about what they can expect from the landlord (the person leasing the property to them). The lease should be easy to understand as the intention is to make sure everyone is on the same page when it comes to their rights and responsibilities.
The details included in the lease document will usually be the rent and fees required each month or payment period, how long the lease is, and any unique details about that property.
When it comes to leasing properties, both the tenants and landlords’ rights are protected by the Property Law Act, and retail businesses are also protect by the Retail Shop Leases Act too.
Below, we’ve outlined some of the key rights and responsibilities of the commercial tenants and landlords.
If you’re a commercial property owner or landlord involved in a business lease, there are a variety of requirements you must fulfill, these include:
If you’re the tenant of a commercial property, you have responsibilities that must be upheld. These should be outlined in your lease agreement and will likely include the following:
Whether you’re new to business lease arrangements or you just want to make sure your rights are protected, you can always work with a civil litigation lawyer to ensure you’re in the best position possible. A lawyer can help you understand your rights and obligations, whether you’re a business owner entering into a lease or a commercial property owner reviewing your current agreement.
Make sure your rights are protected in your lease agreement today.
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