A commercial landlord is someone who leases or rents commercial property to a tenant via a lease agreement. The landlord is bound by certain duties by law. These duties include performing all the terms of the commercial lease agreement.
When Are Rights Given to Landlords?
Commercial landlord-tenant rights are decided upon during commercial lease negotiations. For example, whether the landlord or tenant is responsible for building repairs is negotiated during this time. Other terms decided during a commercial lease negotiation include:
- How long the tenant will occupy the building or space
- Amount of rent the tenant pay and when payment is due
- An option to renew the lease
- What happens when the lease is terminated before it expires
- What happens when tenants make improvements to the building
- Whether subleases and assignments are acceptable
A sublease is a contract between a tenant and another party to rent the space. The old tenant leaves and the new tenant takes all the rights and responsibilities of the old tenant. It is usually for a short time.
An assignment is like a sublease contract. The different is in the time limit. The new tenant assumes the right of the old tenant’s commercial lease.
What Are Commercial Landlord Rights?
Specific rights of a commercial landlord vary from state-by-state. However, there are some general rights all commercials landlords have. These rights include:
- Receiving rent at the agreed upon time
- Enforcing all the terms of the lease
- Requiring a lessee to maintain the premises in such a way that no injury is done to it
- Receiving possession of the premises after the lease expires
- Receiving a security deposit from the lessee
- Suing for lessee for breach of contract
Should I Consult a Real Estate Attorney about Commercial Landlord Rights?
Obligations exists for both landlord and tenants regarding commercial leases. To learn more about commercial landlord rights, contact a real estate attorney. An attorney will guide you through negotiating a lease and any breach of contract disputes.