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5 Steps To Rent Out Commercial Property With Maximum Safety
Renting out commercial property can be very lucrative, but then, owners have to be very careful with the lease agreement terms and conditions so as to avoid fraud and other deliberate or non-deliberate infringements. Be it simple commercial lease agreement or complex, it is imperative that you ensure creating airtight lease agreements to protect your rights as a landlord. Here are 7 tried and tested steps that can help you in this direction…
Dimensions and pricing – Start with measuring the dimensions of your commercial property area very accurately. This will help you massively in determining the applicability of the property to different renters and its pricing as well. Pricing however is dependent not only on the area of the premises but its location and its build quality as well. If you have called professionals for the purpose, renters will not have much scope to bargain down the rent levels you may not be comfortable with.
Get your commercial lease agreement form – Work of mouth is not enough when it comes to setting terms and conditions with renters. Proper legal lease agreement forms that are enforceable by law, is thus a must when you are renting out any property whatsoever. Free commercial lease agreement forms are currently available with a number of online legal platforms that also offer comprehensive assistance with respect to filling up the form and more.
End to end details about the renters – Never rent out your commercial space without finding out complete details about the renters. Past history of renting, photo identity, proof of business are only a few of the many details that you must ask for.
Mentioning everything that renters are allowed or not allowed to do with the space – Sadly, not all renters come with the best motives. Therefore, if you take a look at legal platforms, you will see that almost all commercial or business lease agreement templates come with spaces dedicated to customized do’s and don’ts applicable for renters. It is a must that you fill in the space with utmost caution so that no loopholes are left.
Lastly, always mention terms and conditions of ending the contract be it in due time, before time or even evasion for that matter, very comprehensively. For more information about getting a commercial lease agreement, please visit this website.
Carl writes often about legal drafting, rental & commercial lease agreements, power of attorney, Bill of Sale and help the people in such document needs. You can find his thoughts at commercial lease template blog. Please visit this site to get a sample commercial lease agreement in Maryland.
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