The Ultimate Guide to Commercial Property Contracts
The ultimate guide to commercial building contracts focuses on three key areas: leases, planning permission on imminent plans to build or alter a building, and the administration of the agreement. It also addresses important points related to lease administration and costs. Regardless of your level of experience, you’ll be able to understand the essential points reflected in each document. This guide will make your work easier by providing the basics of lease management and administration, as well as providing information on navigating the lease process in the U.S.
While large enterprises spend many hours each year combing through commercial property contracts, it isn’t always possible to extract the most value from them. While a team of lease administrators will certainly save time by analyzing the information in a single location, their efforts are hampered by the complexity of large portfolios and the time it takes to navigate them. That’s why modern organizations are enhancing their capabilities to manage large portfolios and make the most of the information contained in them.
While a person who oversees a large portfolio of commercial property contracts might seem like a busy person, it’s crucial to have an understanding of the processes involved in managing the entire process. For example, a lease administrator will assist in the creation of new leases. They will gather and document the relevant information, including lease terms, payments, and obligations. They will also track any lease amendments and ensure that all parties are fully compliant with corporate governance regulations. Ultimately, the function of a lease administrator is to optimize the use of commercial real estate for a company’s needs, including reporting on key terms and provisions and auditing the entire portfolio of leases.
Planning permission granted on immediate future plans to build or modify
If you plan to build or modify commercial property in the near future, you will need to get planning permission. This approval is necessary for building or altering any property. However, some changes are not permitted without planning permission, such as a minor extension. Before applying for planning permission, you should consider whether your proposed development will disrupt the neighbours of the property. Minor extensions may not require planning permission, but major additions and alterations may require it.
In England, full planning permission is granted on the condition that building work starts within three or five years. However, in Wales, planning permission can be granted for a longer period. If building work is not completed within three years, reserved matters must be addressed. In this case, you will have to reapply for planning permission. Furthermore, getting planning permission after the permission has expired is more difficult than getting it initially.
Clauses included in a lease agreement
A lease agreement contains various clauses, which govern how the tenants use the property. These can range from limitations on the activities a tenant may perform in the rental unit to the cleaning and maintenance of the property. A lease agreement should specify payment conditions as well, including the due date for rent and late fees. If the lease includes a sublease clause, the landlord must explicitly prohibit subletting the property.
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Otherwise, the tenant could be liable for the late rent.
The use of premises clause in a lease agreement should specify that the tenant must occupy the property in order to avoid any confusion. It should also clearly state that the property must be occupied by the tenants listed on the lease. It is also important to include a clause on pets, because almost 50% of renters have them. It is important to specify the rules and fees for allowing pets, as well as punitive damages for damage. Moreover, it should specify whether the pet must have a current veterinarian’s record and a photo.
Costs of managing a lease
While some owners prefer to do tenant screening themselves, others prefer to hire a property management company. In this case, you will pay a percentage of a month’s rent to a property management company. These fees may vary depending on the services provided. Many property managers charge an administration fee of 50 percent to 100 percent of the monthly rent. The costs of these fees are often recovered by the owners.
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But, if you have to hire a property management company, you’ll need to know your lease terms.
Another common fee is the renewal of a lease. This fee is often substantial and may be a part of other fees, such as advertising costs. Be wary of companies that charge you for each and every fee, particularly if these fees are not included in the initial cost. If you must pay for a company’s fees each time you renew a lease, negotiate with the company to avoid the extra charges. Typically, the fee ranges from $150 to $200.