The Rhode Island commercial lease agreement is a contract that allows a business or commercial entity to rent office, retail, or industrial space. This document outlines the rights and responsibilities of the business and the landlord and is usually longer than a standard residential lease.
Rhode Island Commercial Landlord/ Tenant Law
- Most commercial leases have a longer-term than a residential lease, so it is not uncommon for the agreement to last for 10 years or more.
- The terms of the lease must be addressed in the commercial agreement. This will include parking terms and what the tenant will need to do to take care of alterations and repairs that need to be done.
- There are numerous different types of commercial leases that will determine which party is responsible for which aspect of the expenses. Some will only ask the tenant to pay the rent, while others will have the tenant paying for taxes, insurance, and utilities as well. A percentage lease is an excellent option for a new business. It has lower rent, but when the business is doing well, the tenant will need to give a percentage to the landlord.
- Since this is a business agreement, it is a good idea to get the rental agreement notarized when it is signed.