Most commercial property contracts are long-term, and the person leasing the property cannot get out of the contract easily, states Nolo. Also, each landlord draws up his own forms during a commercial lease, making standard forms more common in residential real estate.Continue Reading
Another law concerning commercial property is the Americans with Disabilities Act. All businesses that hire more than 15 people, as of 2015, must make sure the workplace can accommodate people with mobility issues, according to Nolo. Before signing a lease, the business owner must ensure the landlord has the specific mobility aids, such as wheelchair ramps and accessible bathrooms, necessary to meet this law.
Business owners must also make sure their property is in an area zoned for commercial use, explains LegalMatch. These zones differ from residential zones in that they are designed to host the needs of businesses. Commercial property also has different insurance requirements than residential property.
Before signing a lease, business owners must know how they can legally market themselves to customers, says Nolo. A business that receives walk-in customers regularly must know if it can advertise outside of its store. Also, a business must state in its lease it is going to be the only one of its kind if it shares a building with other businesses so it can avoid direct competition. Businesses must also state in the lease they are going to make modifications to the property.Learn more about Real Estate