Understand more about Commercial Sublease Agreement
If you are thinking to sublease your lease property or part of the property, you can by signing Commercial Sublease Agreement. It is also known as Commercial Real Estate Sublease, Commercial Sublease Contract. You want to reduce your costs of rent or moving somewhere for few days or months then Commercial Sublease Agreement will be a right decision. Even you can select more than one company subdivision.
What is a Commercial Sublease Agreement?
A lease is a legally bound agreement between a tenant and a new tenant (also known as a sub-tenant). First of all, the owner gives the right to pay or take part in the tenant rentals. The subtenant directly pays the rent of the leased property to a landlord.
The agreement signed between the subtenant and sub landlord (the original tenant). It includes the information about the two parties, owner, and financial obligations (such as damages, utilities, and maintenance).
Most of the commercial leases are long-term, sometimes for ten years and there are expensive penalties for termination of the contract. For this reason, many tenants can benefit from the commercial contract.
Do I need to ask from a landlord?
Before getting in or signing any Commercial Sublease Agreement, it is necessary to take permission from the landlord to look at the tenant to the important wages; all the duties and right. An owner should always be informed in written by tenants.
Important points should be included in the Contract
There are few things or points which should be present in the Commercial Sublease Agreement.
- Name of both parties and all information regarding them like address
- Location of the property or correct address of the property
- Payment related information or how much amount should have to pay by a subtenant
- Any security amount if it will be paid by a subtenant
- The execution date of the original lease and when it will be finished
- What will happen if the contract ends? This may include the charge of the collection, lawyer, cleaning and loss etc
- Mention all about maintenance and other charges.
- If you are giving part of the property on the lease then specify clearly about shared or communal space, Parking space, Shared equipment, Visitors
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