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Page 25 of 34 |
Is there a difference between a residential and a commercial lease? |
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When a person leases rental property from a landlord for use as a residence, the arrangement is called a residential lease. When a business leases rental property, the arrangement is called a commercial lease.
While there are many similarities between residential and commercial leases, state and local law often regulates the relationship between a tenant and a landlord under a residential lease. These laws are designed to provide basic requirements for the condition of rental property, and to protect tenants from unscrupulous "slumlords." Since commercial leases are viewed as being contracts between knowledgeable business people, less governmental protection is needed, as knowledgeable business people should be able to negotiate the terms of the lease to their respective satisfaction.
Therefore many more terms of a commercial lease can be negotiated and statutes waived than in the residential context. |
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