Your Rights and Responsibilities as a Commercial Tenant
When you rent an apartment, your landlord is generally responsible for fixing anything that might break or taking care of yard maintenance. However, when you rent a commercial space, you are generally required to both pay rent to the landlord and keep the rental in good condition yourself. What are some key responsibilities that you face as a commercial tenant?
You May Pay Taxes and Other Costs in Addition to the Base Rent
Depending on the terms of a rental agreement, you may be responsible for paying property insurance premiums as well as property taxes. With a triple net lease, the tenant is also required to pay for any upgrades made to the building in addition to utility costs incurred. Although this may cost more in the long-term, it may allow you to exercise greater control over how the building is constructed and how you can use it.
You May Not Be Liable for Finding a New Tenant
Let’s say that you no longer want or need to occupy the space that you have rented because it’s too big or the NYC Certificate to Operate is no longer valid. It may be possible to leave without penalty even if there is still time left on the lease and you haven’t found a new tenant. You may be able to negotiate an out clause in the lease, and the landlord may let you leave without penalty if he or she thinks that a better tenant is available.
Everything Is Negotiable
It is important to remember that everything in a lease is negotiable both before and after it is signed. You have the right to have an attorney or other professional review the deal at any point to ensure that it meets your needs.