There are plenty of laws and regulations governing the lease of commercial properties in New York, and you need to make sure that you are abiding by all of them. Not paying attention to these rules can create a major headache for you later, and some mistakes in commercial leasing agreements can even open you up to litigation. This is why it is a good idea to talk to a seasoned attorney who can guide you through the entire process. Our Long Island, NY real estate litigation lawyers can look over any contracts and make sure that everything is in order.
What Do Commercial Leasing Agreements Need to Include?
When leasing commercial properties, you need to be diligent and make sure that the contracts have all of the required information. At a minimum, a commercial lease should contain info like:
- Each of the parties involved with the lease
- The lease term, when it starts and ends
- Who is responsible for carrying insurance
- Which part of the commercial property is being leased
- How much the rent will cost
- Who is responsible for building maintenance and repairs
- Whether or not sublets are permitted
- Who is responsible for paying utility bills
When everything is completely laid out like this, everyone knows what their responsibilities are.
How Do Commercial Leasing Agreements Address Taxes?
When you lease a commercial property to someone else, you also have to remember that there are taxes to be paid. This can get confusing, especially in New York, because there are some taxes that only need to be paid in certain areas. For example, did you know that buildings in Manhattan are subject to a Commercial Rent or Occupancy Tax? Did you know that this particular tax only applies to buildings below 96th Street?
When taxes can differ on buildings that are a block away from each other, it helps to have a seasoned commercial real estate attorney who can help you sort such things out and make sure that any taxes are properly accounted for.
Do I Need to Know About Zoning Laws?
Of course, you also need to consider zoning laws when leasing commercial properties. You should not be renting out space to a business who would not legally be allowed to operate on this property. You also cannot sign a commercial leasing agreement with someone who wants to use their space as a residence.
Contact an Experienced Real Estate Lawyer
Navigating this kind of thing on your own is tough, but our law firm can help you make sure that you have done everything by the book. Contact David A. Gallo & Associates LLP and we would be happy to schedule a consultation. We can take a look at what you need to do, and then we can tell you more about how we can be of assistance.