Common Inclusions In Florida Commercial Real Estate Lease Documents
If you're fairly new in your business niche, youll probably need a little lesson in commercial leasing. And one of the most important parts of the process is to understand the inclusions of the lease document. If you're in the state looking for the right Florida commercial real estate property, be sure you know and understand the meanings of the common details of the lease. You should know that there are several other statements that might be included in your particular lease document; the following will serve only as introduction.
This involves your name and the Florida commercial real estate property owner. It is crucial to guarantee that the names will include you and your landlord and not just you yourself.
Rent and Premises
Firstly, the rent will include the detail the rent calculation, which will normally include the CAM or common area maintenance as well as other necessary expenses. If you've negotiated for a particular lease type for your Florida commercial real estate property, it will likely appear in this section. It is important that you do your research prior to accepting the lease type. There are several types of lease and each has its own pros and cons. To make sure that it will be fair and not lean more towards your landlord, find out the several types of lease.
Next, the premises will detail the type of commercial property you are leasing. Make sure that the description is indeed the property you're about to rent.
Term and Deposit
The term is simply the life of your lease. This is mainly dictated after your negotiation with your landlord. Further, the term indicates when the lease will begin and end. If there are re-negotiation clauses, find out the specifics and if not, it may be beneficial to negotiation for one.
The deposit, on the other hand, indicates the amount of security deposit you, as the tenant, are required to provide. Make sure that the terms in which the deposit can be returned or otherwise is clearly stated.
The restriction section is one of the most important parts of the lease document. This section describes the limits that you can do with the property. It states the restrictions on hours of use, occupancy and others.
Default and Hold Over
If one of you breaks the agreement dictated in the lease document, the default (usually default and remedies) will state the options for the other party, or the remedies for the situation.
In addition to that, the hold over section is also an important part of the Florida commercial real estate lease document. This section will state what will happen if you fail to vacate the premises or leave the property during the end of the lease term.
Mark Michael Ferrer
Florida Commercial Real Estate
by: Mark Ferrer