Specializing in residential and commercial lease agreements, we can help you with both. Our experienced real estate lawyer in New Jersey, Kevork Adanas, is experienced and understands the specifics of both types of leases.
It's essential to understand that commercial and residential lease agreements are regulated by certain statutes which make them different from each other. Some of the many distinctions include:
Residential lease is intended for day-to-day living
A residential lease is intended to offer an individual with day-to-day living accommodation. On the other hand, a commercial lease is not set up for this use. In fact, some commercial lease contracts may specifically state that the property should not be used for day-to-day living purpose.
Commercial Lease is for Business Use
Since it is for business use, it typically highlights the specific types of business operations that should be conducted on the premises which must be followed. However, if you prefer to use it for some other business purpose, then you must discuss it with the landlord before you sign the dotted line.
Most often, the residential lease agreement is for a year. It is followed by the option to continue on a monthly basis. However, commercial leases are longer for about three to five years minimum.
Repairs and Maintenance
In comparison to commercial tenants, residential tenants are responsible for very little repairs and maintenance to the property. Commercial property tenants are responsible for greatly. However, it is advisable to read and review the lease agreement carefully so that you have a clear understanding of the specific breakdown of who is responsible for what so that there is no ambiguity or unpleasant surprises later.
Residential lease includes many crucial legal protections that don't apply to commercial tenants. This is because parties entering a commercial lease are assumed to be dealing on the same footing. However, this is not the case in residential dealings. Therefore, there is greater legal protection for tenants to prevent residential landlords from taking advantage of them.
Allow our real estate lawyer to evaluate and review your lease agreement first so that you make an informed decision with clarity and zero confusion.
Don't sign any type of lease before we review it!