The Michigan commercial lease agreement decrees the guarantee for a company to rent a unit of real estate in which to conduct business. A commercial lease is typically designed to be used solely for properties zoned for retail/office or industrial operations. The terms of this type of lease are generally more intricate and complex than a residential lease, requiring more provisions with respect to the use of the space. For this reason, there are three lease types to choose from when filling the form, Gross, Modified-Gross, and Triple Net (NNN). These three types will determine who pays for which expenses associated with the piece of real estate, such as property taxes, maintenance, and other necessary expenditures.
The provided document registers pertinent information to the transaction including names of the involved parties, the property address, lease term, base rent, and security deposit. Policies concerning the use and maintenance of the building are specified in the contents of the contract as well as the procedure for payment. The paperwork has allocated space to secure witnessing confirmation by way of a professional notary licensed in the state of Michigan. The Michigan Association of Realtors have created a designated document for the introductory negotiation of a commercial lease to be utilized prior to the singing of the commercial lease to gauge the necessary components of the exchange. This file is made available in the following link for registration of the event.
Michigan Association of Realtors Preliminary Agreement to Lease Commercial Property – PDF