The Utah commercial lease agreement is a contract between a landlord or owner and a business entity for the lease of commercial space, such as office, retail, or industrial locations. This written document defines the terms, conditions, and responsibilities of each party.
Utah Commercial Landlord/ Tenant Law
- When a new commercial agreement is signed, the type of agreement will determine how much of the expenses for the property fall on the tenant and the landlord. A tenant may be responsible for only paying the rent, but in some cases, the tenant can be responsible for the rent as well as the utilities, insurance, taxes, and maintenance needs. Before the lease is signed, make sure that both parties agree on who is paying which expense.
- A new business may be interested in a percentage-based lease. This is an option that will have a lower base rent, but when the company is doing well, the tenant will be responsible for giving a certain percentage to the landlord on top of the rent.
- In this state, a landlord must provide a lead-based paint disclosure for any building that was constructed before 1978. This is a substance that could be hazardous for pregnant women and small children, so it is vital that the tenant knows about the possibility of the substance being present on the property.
- With commercial properties, the term of the lease tends to be much longer than a residential agreement. It is not unreasonable for a lease of this type to span for a 10-year period.