Creating your first commercial rental agreement can be daunting. After all, it's a binding contract between you (the landlord) and your tenant (a business entity) for the lease of commercial space.
This document outlines the terms of the lease of the premises, including details about how the utilities will be paid and the responsibilities of both parties.
If you need help drawing up your first rental agreement, you'll find all the information you need below.
What Is a Lease?
A Tennessee commercial lease agreement is a legally binding contract. As we've already mentioned, this document outlines the terms of the lease of a property to a tenant or business. Three different types of leases apply depending on the parties' responsibilities when it comes to property tax, maintenance, and repairs.
What to Include
Here's what needs to be included in your Tennessee commercial lease agreement:
- The name and personal details of the tenant and landlord, as well as information about anyone with authority to act on behalf of the landlord
- A description of the property and its address
- Which party is responsible for which utilities
- How landlords and tenants can renew the lease
- The document should describe who will be responsible for the maintenance and repairs
- What the monthly rent amount is for the lease of the premises, and when it is due
- Details about the security deposit
- Notice of entry
- Restrictions on illegal activity
- Signatures and the date
According to federal and state law, the following mandatory disclosure must be made:
Lead-based Paint Disclosure
If the property was built before 1978 and may expose tenants to lead-based paint, landlords must include details of this hazard in the Tennessee commercial lease agreement.
Build Your Own
Suppose you are leasing commercial space for the first time. In that case, you'll need to find a reliable way to build this document. The first option is to download a free form. We have this document available in Word and PDF format that you can edit.
If you'd like more control over the document, you can use the DoorLoop lease building tool to create custom commercial lease agreements.
Before you rent out your office, retail, or industrial space, ensure that you have a sound agreement in place. You can create one using our intuitive tool. Contact us today to find out more!
Do commercial rental agreements in Tennessee have to be notarized?
No, a landlord or tenant is not obliged to notarize a lease in Tennessee. However, either party can choose to have the lease notarized if they would like to.
Is a commercial lease legally binding?
A lease is only binding once both the landlord and the tenant have signed it.