Who Is Liable for Repairs on Commercial Lease Properties?
Residential and commercial leasing are two completely different areas, the main difference being the laws and obligations. A landlord for residential property is obligated to pay out for repairs so the residence is habitable. However, this may not follow suit for a commercial property, as you will find out why throughout the rest of the article. (Related topics: tenant buyout attorney, real estate lawyer NYC, landlord-tenant law NYC)
To clarify, commercial property space is solely used for business purposes by a business owner or corporation. The reason why it is differentiated from a residential property is due to the laws that each must comply with. Though many rights are similar and with alterations to agreements, the contracts can share a considerate amount of resemblance.
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Residential Landlord Obligation
A landlord leasing or renting out a residential property must comply with certain laws. One of those obligations is to ensure that all repairs and maintenance is carried out to the habitat is safe and in full working order.
Commercial Lease Agreement
A commercial lease agreement determines the responsibility for who is liable to cover the costs of repairs, upgrades, and changes in a property. There is no implied warranty of habitability or statutory repair obligations for a commercial lease agreement unless specified in the contract.
Understanding How to Negotiate the Agreement
Landlords, especially those who rent commercial properties, will often try and add things to contracts that could and should be removed or changed. However, an individual with no experience or knowledge of laws in this sector may not completely understand what they are signing.
The best way to negotiate a contractual agreement is to hire an attorney, who knows the laws and obligations that must be met, while also being able to identify specific areas where you have power in the negotiations.
Any aspect of contractual agreements for commercial properties must be attended to in a professional manner. Do not take risks in this area if you are in the position of leasing out a property for business needs or the person looking to lease a property. You should always have your important paperwork, agreements and contracts looked over by an attorney to ensure you are not missing anything out or adding something in that can potentially cause negative implications later on.