The Michigan commercial lease agreement is used to create a rental arrangement between the landlord and tenant, usually a business owner, for the use of commercial space. This contract lays out the responsibilities of each party and is usually longer and more complicated than a residential lease.
Michigan Commercial Landlord/Tenant Laws
- If the building that is being rented was built before the year 1978, there is a good chance that lead-based paint was used during the construction of the building. This can be hazardous to the health of young children and pregnant women, so this information needs to be disclosed.
- The landlord must disclose the firm where the security deposit is being held. They must also let the tenant know of the account number and whether or not it is an interest-bearing account.
- With a commercial lease, the party that is going to be responsible for paying the different utilities and expenses for the unit will vary based on the type of arrangement that is signed. All of the expenses, including insurance and the taxes on the property, need to be covered in the rental agreement.
- When a tenant rents commercial property, they are going to need parking space for their customers and their employees. All spaces that are paid for as part of the rental agreement need to be included in the document.
- This type of commercial lease will also need to let the tenant know what type of modifications can be done to the property. This will let the tenant know if renovations and upgrades are allowed in the space.