WHAT ARE THE TYPES OF COMMERCIAL LEASES?
The different types of commercial leases are:
- Net Lease
- Double Net lease
- Triple Net lease
- Percentage lease
- Fully-services lease
WHAT ARE THE IMPORTANT TERMS IN A COMMERCIAL LEASE AGREEMENT?
The important terms are:
- Defined parties
- Security deposit
- Property use and occupancy details
- Lease term
- Base rent
- Waivers
- Dispute resolution
WHAT ARE THE BENEFITS OF COMMERCIAL RENTAL AGREEMENT?
The benefits are as follows:
- Immediate effect
- Legal security
- Liquidity
- Suitability
- Promotes occupational relationship
WHAT ARE THE FEW MANDATORY DOCUMENTS REQUIRED?
The mandatory documents required are:
- Government ID proof and passport photographs
- Original passport (if not Indian)
- Evidence of nature of business to be conducted
- Proof of ownership of landlord’s property
- Rental agreement to be drafted on stamp paper for registration
- Power of Attorney if another person is acting on behalf
Any form of commercial lease agreement is a legal agreement, which is crucial for the survival of a business. The agreement should be carefully drafted, defining the rights and obligations of the parties with the help of real estate attorneys.
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