Investing in commercial property is one of the absolute best ways to grow wealth. If you're a Florida investor, Melbourne is an excellent place to start looking for commercial property opportunities.
The city of Melbourne, FL is a hotbed for industries like aerospace and different types of tech. Since the city flourishes with these types of industries, professionals will always need working workspaces to deliver their goods and services. Once you attract these tenants, you need to formalize the agreement with a documented commercial lease.
This guide will simplify commercial lease agreements so that you have a solid starting point.
Know the Key Details of the Commercial Lease Agreement
Once you understand the details of a commercial lease, it's easier to enter one that you trust to handle your business needs.
Make sure to include details like the names of all parties, addresses, forms of identification, and a description of the structure. The lease must include information related to rooms, square footage, acreage, and other spatial details. Include the price in detail, including any fees. Clearly outline the duration of the lease, such as a 6-month or 12-month lease.
Commercial property managers can help you draft a lease that includes all of the most important information.
Satisfy Legal Requirements
When entering a commercial lease, there are always some legal prerequisites that you need to satisfy. For instance, make sure you're clear on which business entity you're acting under. If you're working with a property manager, you'll need to include the company's information and obligation to the tenant.
Florida law also says that you need two witnesses if the lease duration is more than 12 months. Seek legal counsel before signing a lease to know that these sorts of parameters are addressed.
Consider Payment Information and Renewal Terms
Commercial leases must also include payment terms. This includes things like the security deposit amount, and whether the deposit is refundable. Also include the methods of payment you allow for rent.
Additionally, indicate whether the lease renews for a year once it's up, or rolls over to month-to-month. You also have the freedom to make the lease as flexible as you need it to be and can negotiate these sorts of details with the tenant.
Work Out the Lease With a Professional
Get the help of some professionals that understand the commercial leasing process. A tenant management company can help you through the lease to make sure all the right information is included down to the cause.
Working with pros lets you get all of your questions answered and makes sure you're considering all legal variables. They can also act on your behalf in managing the property, such as collecting rent and handling maintenance.
Commercial Lease Agreements 101
It's easier to formalize a commercial lease agreement when you give the original document the attention it deserves. Start with these tips as you work out an agreement with your tenants.
PMI Space Coast can assist you with commercial lease agreements and other services. For more information, get in touch via our site or by calling 801.477.8556.
