Rental agreements for office spaces are designed for leasing or renting commercial property. It is a legal document that lays terms and conditions under which the property is leased out, between the landlord and the tenant.
Though, most often, the relationship between the landlord and tenant is healthy, it is also safe to have a rental agreement in case such a relationship loses its grip or gets overpowered with complaints and misunderstandings.
Whether drafted for a space in a large shopping center or a mall, many commercial leases can be lengthy and frightening. The best way to get the most beneficial lease for you and your business is to negotiate the terms of the lease. The landlord often wants you in the space as badly as you want to be in it. So don’t be fearful of a seemingly overwhelming lease document.
Steps To Make A Commercial Rental Agreement
Here are some points to keep in mind while creating a commercial rental agreement
- Prepare and verify the contents of the contract.
- Print the verified document on stamp paper of the recommended value. The stamp duty may change from state to state.
- Place the names and signatures of landlord, tenant and witnesses in designated places.
- Stamp paper is generally purchased by the tenant and who will also retain the original copy of the lease. The landlord gets to keep a duplicate copy.
- Registration is mandatory for any rental agreement for a duration of more than 11 months. Some states mandate the registration even when the lease span is less than eleven months.
What Is Store Lease And Rental Deed?
Store lease refers to a person/business, renting a store for a particular period of time. A store lease requires the name and address of the tenant, Landlord, property being leased out and other valid entities to be specified clearly. The tenure of the lease taken along with the interval and amount of payment must also be mentioned.
A rental deed is merely a contract that is usually written that abides both the owner of a property and a renter who desires to have possession of the property on a temporary basis. A lease agreement is typically for a fixed term.
Difference Between Store Lease And Rental Deed
Store leases are different from rental deeds. Store leases often allow the tenant to build structures or renovate the existing structure, so that the business flourishes. Display structures, cabins, wall installments etc; may be added. Addition or removal of structures including renovation of the building is vital to a business and this needs to be mentioned in the rental/lease agreement whereas the same is not applicable to the rental deed. Any renovations under rental deed can only be implemented post approval from the landlord.
Legality of Rental Agreement for Commercial Property
To make a store lease legally valid, the contract must be printed on stamp paper of recommended value, and must consist of signatures of tenant, landlord and witnesses placed in designated places and registered at the sub registrar office. Keep in mind that leases that are for a period of more than 11 months must compulsorily be registered.
Tips While Choosing A Place To Set Up A Shop
There are a lot of factors that go into deciding the type of location one would choose to build a business. Here are some essentials that you need to keep in mind while looking for a perfect place to set up your business.
Quality Of The Frontage:
If you are looking to set up your shop for the first time consider that a building has enough ventilation or windows. Make sure that your shop is visible to customers that walk-in. The design of your shop will also pull customers too.
The place should be spacious that allows customers to walk around. Keep in mind that if you plan to put in structures on walls or sides, the space could diminish considerably.
Look for parking space for you and your customers and sometimes heavy vehicles to bring in goods. Also, accessibility to and from the main parts of the town also adds to ease of doing business.
Create A Commercial Shop Lease Now
LegalDesk.com offers legal verified, ready-to-use commercial store leases. This means that you don’t have to spend days getting a lawyer to draft a deed for you. Avoid all the hassles by just filling in your details in our pre-drafted form. We will then print the deed on stamp paper and deliver it to you and you’re done! Get your commercial shop lease agreement now.