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A commercial lease agreement is a contract between a landlord and tenant for the leasing of commercial property. The agreement sets out the terms and conditions of the lease, such as the duration of the lease, the rental amount, and the maintenance and repair obligations of the parties. It is important to seek legal advice when drafting a commercial lease agreement to make sure that it is properly tailored to your company’s needs. OneCompany can help you draft a custom commercial lease agreement for your Malaysian business that takes into account your company’s specific needs and requirements.
Frequently Asked Question
What Are the Types of Commercial Property?
There are mainly four types of commercial property:
-Office space
-Retail space
-Industrial space
-Warehouse space
Each type of commercial property has its own unique lease terms and conditions. It is important to seek legal advice when drafting a commercial lease agreement to make sure that it is properly tailored to your company’s needs.
What We Include in a Lease Agreement
The property’s address and a description of it;
- The names of the landlord and tenant;
- The date the lease starts and ends;
- The amount of rent, how often it should be paid, and when it is due;
- What the rent covers and what the tenant is responsible for (for example, Council Tax, and utilities);
- Any restrictions on how the property can be used;
- The landlord and tenant’s responsibilities for keeping in good repair and condition, decorating and maintaining any gardens;
- Landlord’s consents that may be required, for example, for alterations to the property or for keeping pets;
- Whether the tenant can sublet the property or take in lodgers;
- The amount of any deposit and how it will be protected;
- An inventory of contents and condition of the property, if appropriate.
Landlord's and Tenant's Obligations
The tenant is obliged to:
-Pay the rent on time;
-Keep the property clean and tidy;
-Not damage the property or make any changes without the landlord’s permission;
-Comply with any other terms and conditions set out in the lease agreement.
The landlord is obliged to:
-Allow the tenant quiet enjoyment of the property;
-Keep in good repair and condition any parts of the property that they are responsible for;
-Comply with any other terms and conditions set out in the lease agreement.
Terminating a Commercial Lease Agreement
A commercial lease agreement can be terminated by:
-The landlord or tenant giving written notice to the other party;
-The landlord or tenant exercising their break clause (if one is included in the lease agreement);
-By mutual agreement