The Oklahoma commercial lease agreement outlines the rights, responsibilities, and costs associated with renting a commercial space. This contract establishes the relationship between a tenant (business) and landlord and allows the business to occupy office, retail, or industrial space in exchange for rent.
Oklahoma Commercial Landlord/ Tenant Law
- With a commercial lease, the landlord will need to disclose whether there is a chance of lead-based paint being used in the building. This is common in buildings that were constructed before 1978, and this substance can be a severe health risk to anyone who is pregnant.
- If the property has had a flood in the past five years, the landlord will need to disclose that information in case it happens again. This will give the tenant the opportunity to consider having flood insurance on their business.
- The agreement should include information about the type of lease it is so that the tenant and the landlord know who is responsible for paying each expense. Some commercial lease agreements will only require the tenant to pay the rent, while others will require them to pay the insurance, the taxes, and the utilities as well. The tenant and the landlord can negotiate the details to find a solution that works best for both parties.
- Provisions for making repairs or alterations to the premise should be covered in the lease so that both parties know what to expect.
- The landlord and the tenant will need to sign and date the bottom of the rental agreement to make sure that it is legal. Having it notarized is not required, but it is something to consider.