subject: Legal Help For Drafting A Commercial Lease Agreement [print this page] Preparing and drafting lease agreement requires legal counsel and guidance. Commercial real estate leasing agreements need to adhere to certain rules and regulations of the state. It is, because of this, that you require assistance from a real estate attorney proficient in New Mexico laws, when you come up with a lease document.
Commercial leases are a lot more complex than residential ones and you had better talk to an attorney in this regard. What are the essential provisions in a commercial lease? There are certain terms and conditions that the agreement must mention. If there is no mention of these details on the agreement, the court can deem it invalid in case of a legal dispute.
Names of the involved parties
Details of the property on lease
The term of the lease
The rent payable for the property
The way(s) the lease ends/renews
Are these enough? Well, these are if your concern is about the validity of the lease. However, this must not be the sole consideration. You must make sure that the agreement clearly defines the rights and responsibilities of both the property owner and the tenant in Albuquerque.
What are these provisions? Here are a few questions that can help you in the task.
How much is the security deposit for the property? Does the tenant get a complete refund? Is there any circumstance under which the landlord can keep percentages of it?
Who is responsible for the maintenance and repair, of the rented areas and the common ones? Is any construction or remodeling acceptable?
Who pays for the utilities? Is the utilities part of the rent? Does the tenant pay for the utilities to the landlord or the service provider?
Who pays the property tax? Who pays for the insurance of the property?
Can the tenant end the lease early? If yes, how much does the tenant need to pay?
Does the landlord have access to the rented space? If yes, are there any specific circumstances under which this is permissible?
Is there any provision to sublet the property? This becomes important when your business does not require/outgrows the premises.
Only a real estate attorney Albuquerque can handle the legal details pertaining to the drafting of a commercial lease agreement. If you want to come up with a valid agreement without loopholes, it is better to get help from a competent attorney in this regard.
