Lease Agreements by State
Lease Agreements by Type
Commercial – For any type of commercial space for traditional business use such as industrial, office, or retail. There are two (2) types of agreements:
- Gross – Tenant only pays one fixed rental amount per month. Landlord pays most or all of the expenses related to the property.
- Triple Net (NNN) – The tenant pays a fixed rental amount each month but assumes majority of the expenses related to the property including but not limited to: real estate taxes, Common Area Maintenance (CAM’s), and Insurance for the property (prorated share if not occupying entire premises).
Month to Month – Otherwise known as “Tenancy at Will”, is a type of real estate contract that renews every month upon payment by the tenant. There is no end date but either the landlord or tenant may decide to alter or terminate the agreement with at least one (1) month’s written notice.
Standard Residential (fixed) – A fixed term arrangement between a landlord and tenant whereas a payment is due every month, usually on the first (1st) day, and the term is commonly for one (1) year.
Sub-Lease – Where a tenant or “sublessor” who currently is under a lease decides to rent a portion or the entire space to someone else known as the “sublessee”. The sublessor is responsible for the sublessee to: Vacate the premises, Any damage created by the sublessee, and Payment (If the sublessee does not pay, the landlord remains to be owed the amount states in the master lease agreement).
Lead-Based Paint – Under federal law, every leased residential unit that was built prior to 1978 must have this disclosure attached to the agreement and signed by the lessee.
Rental Application – To be used by a landlord/property manager to verify the potential lessee’s background, credit, and employment.