When a property owner is considering leasing out a property, one of the most important issues they will need to address is the lease agreement. This agreement will delineate the span of time a tenant will occupy the space, it will stipulate the rules the tenant must follow, and it will also state the amount the tenant will have to pay to occupy the space. Before drawing up a comprehensive lease agreement, a property owner may want to consult with a real estate law attorney in Chicago first.
Standard Residential Leases
When it comes to residential properties, there are standard leases. These are fill-in-the-blank documents that a real estate attorney can provide to the property owner. From there, the owner can fill in the length of the lease and the amount as well as a due date. These pre-made leases are fairly standard and they meet with all the state and local laws regarding tenants and landlords.
Dealing with a Commercial Lease Agreement
For commercial leases, such as a warehouse, manufacturing facility or an office space, leasing agreements are usually more customized. This is why it’s best to entrust these types of leases to a real estate law attorney in Chicago. The reason for this is that a lawyer will be able to determine whether or not an agreement meets legal thresholds. They will also ensure that the wording is binding without loopholes.
Unique Additions to a Commercial Lease
The property owner may contribute to improvements needed for a particular tenant. However, if more improvements are needed, the lease will need to stipulate that the tenant will pay for these improvements. In addition, the lease may require getting approval for any tenant funded improvements.
There may also be exclusions or allowances for sub-leasing a space as well. Some businesses like to sub-lease in order to reduce their monthly lease expenditures. If the property owner is either going to allow or prohibit this practice, it needs to be added into a lease agreement.
Whether it’s a residential or commercial space, there are tenant and landlord rights that must be included in any lease. However, if you’re leasing a commercial space, or you want to make sure your residential lease is in compliance with the law, you should speak with the legal team at Starr Starr Bejgiert Zink & Rowells.
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