Virginia Sample Basic Commercial Lease Agreement
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How to fill out Sample Basic Commercial Lease Agreement?
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FAQ
Specifically, the tenant pays the base rent, property but also taxes, insurance, utilities, and maintenance. This even includes standard property repairs associated with the commercial space being occupied.
At a minimum, the lease agreement should include the property address , amount of rent , and duration of the lease with an effective start date. It should also include any other costs that the tenant and landlord will be responsible for. Leases need to be signed by both the landlord and the tenant.
Recordation of Leases in VirginiaVirginia law requires that a lease for a term of more than five years be recorded, or it is void as to all purchasers for valuable consideration without notice of the lease and not parties to the lease itself, and as to all lien creditors.
Notarizing the Deed of Lease is not necessary, but may serve as an alternate means of compliance. Compliance.
Main Parts of a Lease AgreementNames of tenants. Include the first and last name of all tenants who will be residing in the premises.Lease Term. What is the length of time that the lease is valid?Payment of Rent.Deposits.Fees, Fines, Charges.Responsibilities.Access to Premises.Use.More items...
Here are 10 key financial commercial lease clauses that you should keep a close eye on throughout your lease term.Rent And Default.Rent Increase Steps/Percentages.Profit-Sharing Or Revenue-Based Rent.Options.Operating Expenses.Rent Incentives And Reimbursements.Janitorial Services.Electricity.More items...?
Like some other states, Virginia only requires the signature of one party to be binding. If the landlord doesn't sign a lease that has been signed by the tenant, accepting rent has the same effect as signing the lease.
A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.
No, a commercial lease does not need to be notarized in Virginia in order for it to be legally binding; however, any party to the lease may request to have it notarized if they so choose.