A Virginia commercial lease agreement is a binding contract for a tenant to lease retail, office, or industrial space. The agreement sets the responsibilities and rights for both landlords and tenants, as well as details about rent, deadlines, penalties, and other items.
The Virginia law that governs commercial leases is Code of Virginia Chapter 14, Article 1. These types of leases are longer and more complicated than a residential lease, so consulting with a lawyer is advisable.
Virginia Commercial Landlord-Tenant Law
Here are some interesting things to know about Virginia commercial tenant laws:
- Self-Help Eviction: If a commercial tenant does not pay the rent, the landlord can use self-help eviction methods such as locking the tenant out without having to go to court. This is not allowed for residential rental properties.
- Late Rent: Rent is due on the day stated in the lease agreement. The next day it is late and there is no waiting period for evictions from a commercial property.
- No Duty to Maintain: A commercial landlord has no legal duty to maintain a commercial rental property to any standard, unlike residential properties that must be habitable.
- Security Deposit: Commercial leases have no legal limit on the amount of security deposit that can be collected by the landlord.
Writing Virginia Commercial Lease Agreements
A Virginia commercial lease agreement should generally contain the following:
- Landlord’s name and contact information
- Tenant’s name and contact information
- Description and authorized use of the property
- Type of lease (gross, modified-gross, or triple-net)
- Term of the lease and the commencement date
- Option to renew the lease (if any)
- Rent and landlord’s profit participation in operations (if any)
- Penalty for late/non-payment of rent (including eviction process)
- Designation of the responsible parties for certain expenses and utilities
- Security deposit and refund policy
- Permissible leasehold improvements
- Place for the notarized signatures of all parties
- Miscellaneous terms specific to the lease
