Renting commercial real estate is a necessary step for a business to handle growth while providing stability and the proper facilities for its employees. Commercial leases are often more complex and detailed than residential ones, and that includes all the legal documents associated. Therefore, it is necessary to have a corporate law firm in Miami assist you with documentation so you understand your rights and have the opportunity to negotiate terms.
Full service commercial leases, or gross leases, require tenants to pay the same fixed rent month to month. It is the simplest form of a commercial lease but often includes hidden fees in the agreement. Reviewing the lease is crucial for understanding how to expense the cost of renting a space. Utilities, pest control, and maintenance fees are all common hidden costs in contracts (versus being included in the monthly rent).
A modified gross commercial lease is much like a full service commercial lease in that it requires a tenant to pay a monthly rent. Unlike the full service commercial lease, the tenant is usually responsible for agreed-upon expenses such as repairs. In this case, the landlord will cover expenses such as property taxes and insurance. All additional costs that the tenant covers have to be clearly stated in a lease. If you have questions about what is included, consult an M&A attorney in Miami to review your contract before signing.
Net commercial leases have both the landlord and tenant split the cost of taxes, maintenance, and insurance. There are three types of net leases:
Landlords pay for maintenance, utilities, and other building costs in single net leases unless otherwise specified. In double and triple net leases, what the landlord pays for can vary based on the contract. With an attorney review of your agreement, you can ensure you know what both you and the landlord will be paying.