- What Is a Lease?
- Types of Leases
- Lease Vs. Rental Agreement
- Commercial Vs. Residential Lease
- Essential Elements of a Lease in Michigan
- Can a New Owner Terminate a Commercial Lease?
What Is a Lease?
A lease is a written agreement where one party rents property or land for a specified duration in exchange for a periodic payment to another party. This contract provides financial security for the landlord and makes it easier for both parties to refer to the agreement terms should there be any infringement.
Types of Leases
In a gross lease, the tenant agrees to pay the landlord a flat rental fee so the tenant can have exclusive use of the property. Operating expenses associated with property ownership, like utilities, taxes, insurance, and maintenance, are included in the fee. A gross lease can be changed to meet the tenant’s requirements and is common practice in the commercial property rental market.
Modified Gross Lease
A modified gross lease involves a payment structure where both the tenant and landlord pay for the property’s operating expenses. Negotiations between the parties and the prevailing market conditions could change the specifics of who pays what. On top of that, the tenant also has to pay the base rent.
You should read the lease agreement thoroughly to know your responsibilities and the other party’s.
Triple Net Lease
A triple net lease, also called NNN, is a lease agreement where the tenant shoulders all of the property expenses plus the base rent and utilities. This type of lease is common in commercial real estate and is popular among investors because of its low-risk and steady-income nature.
The tenant’s rent is usually lower under triple net leases because they assume expenses that should otherwise be shouldered by the property owner.
A bond lease is a form of triple net lease where the tenant is responsible for every real estate risk on the property. The tenant also shoulders all property-related expenses incurred during condemnation or material casualty, including acts of God. Tenants under a bond lease can’t seek rent discounts and aren’t even allowed to terminate the agreement.
Lease vs. Rental Agreement
A lease is a written agreement that details the contract’s terms, such as the period covered and the monthly cost of the rent. It is structured for long-term occupancy and provides the landlord with a stable rental income stream. However, since the rent is set in stone until the agreement ends, the property owner may lose incremental income whenever the property’s market value increases.
Meanwhile, a rental agreement is a short-term contract that is either a verbal or written agreement, usually on a month-to-month basis. Both parties can make as many amendments or changes to the agreement between each period. The main disadvantage, though, is having no fixed duration on how long the tenant will stay at the property.
Commercial vs. Residential Lease
A commercial lease applies to commercially zoned properties and provides details on the different uses of the said property. It’s often intended for business use and outlines the types of businesses that may be conducted within the property.
Meanwhile, a residential lease is intended to give property rights that guarantee safe living conditions for the tenant. Hence, it has various legal protections you won’t see in a commercial contract.
Essential Elements of a Lease in Michigan
Parties to the Lease
Every lease agreement must contain the lessee (tenant) and the lessor’s (landlord) names. If a company is renting the property, it must use the business’ full legal name and designation (LLP, LLC, Corporation, etc.).
This element provides crucial information regarding the lessor leasing property to the lessee. It describes the rented space, location, and other details related to the land or property.
The lease must mention the monthly rent and a breakdown of the operating expenses related to the property. It should also clearly explain how the base rent and percentage rent are calculated to be legally binding. The lease may sometimes include common area expenses and tenant improvement allowances.
This element goes through how long the lease will be valid, whether expressed, implied, or perpetuated. It also mentions when the rent is due, together with the beginning and end dates of the lease. It should also contain the date when the business launches and their insurance if it’s a commercial lease.
This section details the usage of the property. If it’s a commercial lease, it must detail the tenant’s business type, the products or services they offer, and the specifics of how it will be used. Meanwhile, it can provide details about sub-leasing if it’s a residential lease.
Can a New Owner Terminate a Commercial Lease?
All new owners of commercial property must uphold the terms and conditions of any current lease agreements. If the original contract had a clause that allowed for such a move, that would be the only way they could end a lease after the transfer of ownership.
If you are from Michigan and want clarification about this topic, consult a Muskegon lawyer to help you.
Muskegon Lawyer That Can Help You
Drafting a lease contract, especially for commercial leases, isn’t easy. You have to take into account various components of the renting agreement and put them into legal writing. Hence, hiring a Muskegon lawyer who knows Michigan state law and federal law is a must.
Bowen Law offers various legal solutions regarding legal contracts, such as commercial and residential leases. Our attorneys have years of experience and are authoritative figures in their fields. For legal inquiries, reach us at Bowen-law.com or call (231)-726-4484.
- Mkataba wa Kukodisha Ni Nini? - Aina ya Leases - Lease Vs. Mkataba wa Kukodisha - Biashara Vs. Mkataba wa Kukodisha Nyumba - Sehemu Muhimu za Mkataba wa Kukodisha huko Michigan - Je, Mmiliki Mpya Anaweza Kukomesha Mkataba wa Kukodisha Biashara? Mkataba wa Kukodisha Ni Nini? Mkataba wa kukodisha ni mkataba ulioandikwa ambapo chama kimoja hukodisha mali au ardhi kwa muda maalum kwa kubadilishana na malipo ya mara kwa mara kwa chama kingine. Mkataba huu hutoa usalama wa kifedha kwa mwenye nyumba na hufanya iwe rahisi kwa pande zote mbili kurejelea masharti ya makubaliano ikiwa kuna ukiukaji wowote. Katika mkataba wa kukodisha, mpangaji anakubali kulipa mwenye nyumba ada ya kukodisha kwa njia ya kipekee ili mpangaji awe na matumizi ya kipekee ya mali. Gharama za uendeshaji zinazohusiana na umiliki wa mali, kama vile huduma, kodi, bima, na matengenezo, ni pamoja na katika ada. Mkataba wa kukodisha jumla unaweza kubadilishwa ili kukidhi mahitaji ya mpangaji na ni mazoea ya kawaida katika soko la kukodisha mali ya kibiashara. Mkataba wa kukodisha wa jumla uliobadilishwa Mkataba wa kukodisha wa jumla uliobadilishwa unahusisha muundo wa malipo ambapo mpangaji na mwenye nyumba hulipa gharama za uendeshaji wa mali. Mazungumzo kati ya pande na hali ya soko inayotawala inaweza kubadilisha maelezo ya nani analipa nini. Zaidi ya hayo, mpangaji lazima pia alipe kodi ya msingi. Unapaswa kusoma mkataba wa kukodisha kwa undani kujua majukumu yako na chama kingine. Mkataba wa kukodisha wa tatu (Triple Net Lease) ni mkataba wa kukodisha ambapo mpangaji huchukua gharama zote za mali pamoja na kodi ya msingi na huduma. Aina hii ya kukodisha ni ya kawaida katika mali isiyohamishika ya kibiashara na ni maarufu miongoni mwa wawekezaji kwa sababu ya hatari yake ya chini na asili ya mapato ya kudumu. Mwajiri wa kodi ni kawaida chini chini ya kodi tatu wavu kwa sababu wao kudhani gharama ambayo vinginevyo lazima kuwa shouldered na mmiliki wa mali. Mkataba wa kukodisha ni aina ya mkataba wa kukodisha wa tatu ambapo mpangaji anawajibika kwa kila hatari ya mali isiyohamishika kwenye mali. Mkaaji pia huchukua gharama zote zinazohusiana na mali zinazotokana na hukumu au hasara ya vifaa, ikiwa ni pamoja na vitendo vya Mungu. Wakaaji chini ya mkataba wa kodi ya dhamana hawawezi kutafuta punguzo la kodi na hata hawaruhusiwi kukomesha makubaliano. Kukodisha dhidi ya Mkataba wa kukodisha ni mkataba ulioandikwa ambao unaelezea masharti ya mkataba, kama vile kipindi kilichofunikwa na gharama ya kila mwezi ya kukodisha. Ni imepangwa kwa ajili ya ukaaji wa muda mrefu na hutoa mmiliki wa nyumba na mtiririko wa mapato ya kukodisha imara. Hata hivyo, kwa kuwa kodi ni kuweka katika jiwe mpaka makubaliano ya mwisho, mmiliki wa mali inaweza kupoteza mapato ya ziada wakati mali ya thamani ya soko huongezeka. Mkataba wa kukodisha ni mkataba wa muda mfupi, ambao ni mkataba wa mdomo au wa maandishi, kwa kawaida kwa msingi wa mwezi kwa mwezi. Pande zote mbili zinaweza kufanya marekebisho au mabadiliko mengi kwa makubaliano kati ya kila kipindi. Hata hivyo, ubaya mkubwa ni kwamba hakuna muda uliowekwa wa muda gani mpangaji atakaa katika nyumba hiyo. Biashara dhidi ya Mkataba wa kukodisha wa kibiashara unatumika kwa mali za kibiashara na hutoa maelezo juu ya matumizi tofauti ya mali hiyo. Ni mara nyingi ni lengo kwa ajili ya matumizi ya biashara na maelezo ya aina ya biashara ambayo inaweza kufanyika ndani ya mali. Wakati huo huo, mkataba wa kukodisha nyumba unakusudiwa kutoa haki za mali ambazo zinahakikisha hali salama za kuishi kwa mpangaji. Kwa hiyo, ina ulinzi mbalimbali wa kisheria huwezi kuona katika mkataba wa kibiashara. Vipengele muhimu vya Mkataba wa kukodisha katika Michigan Vyama vya Mkataba Kila mkataba wa kukodisha lazima uwe na jina la mpangaji (mkaaji) na jina la mpangaji (mmiliki wa nyumba). Kama kampuni ni kukodisha mali, ni lazima kutumia biashara <unk> kamili ya kisheria jina na uteuzi (LLP, LLC, Corporation, nk). Kipengele hiki hutoa habari muhimu kuhusu lessor kukodisha mali kwa mpangaji. Inafafanua nafasi iliyokodishwa, mahali, na maelezo mengine yanayohusiana na ardhi au mali. Mkataba wa kukodisha lazima utajwe kodi ya kila mwezi na mgawanyiko wa gharama za uendeshaji zinazohusiana na mali. Inapaswa pia kueleza wazi jinsi kodi ya msingi na asilimia ya kodi ni mahesabu kuwa kisheria binding. Mkataba wa kukodisha nyakati nyingine waweza kutia ndani gharama za eneo la kawaida na misaada ya kuboresha nyumba ya mpangaji. Kipengele hiki hupitia muda gani kukodisha kutakuwa halali, iwe ni wazi, ni dhahiri, au ni ya kudumu. Pia inataja wakati kodi inapaswa kulipwa, pamoja na tarehe za mwanzo na mwisho wa mkataba wa kukodisha. Inapaswa pia kuwa na tarehe wakati biashara inazindua na bima yao kama ni kukodisha kibiashara. Sehemu hii maelezo ya matumizi ya mali. Kama ni kukodisha kibiashara, ni lazima maelezo ya mpangaji 'biashara aina, bidhaa au huduma wanatoa, na maelezo ya jinsi itatumiwa. Wakati huo huo, inaweza kutoa maelezo kuhusu sub-leasing kama ni mkataba wa kukodisha makazi. Je, Mmiliki Mpya Anaweza Kukomesha Mkataba wa Kukodisha? Wamiliki wote wapya wa mali ya kibiashara lazima watimize masharti na masharti ya mikataba yoyote ya kukodisha ya sasa. Ikiwa mkataba wa awali ulikuwa na kifungu ambacho kiliruhusu hatua kama hiyo, hiyo ingekuwa njia pekee wangeweza kumaliza mkataba wa kukodisha baada ya uhamisho wa umiliki. Ikiwa wewe ni kutoka Michigan na unataka ufafanuzi juu ya mada hii, wasiliana na mwanasheria wa Muskegon kukusaidia. Muskegon Mwanasheria Hiyo inaweza kukusaidia Kuandika mkataba wa kukodisha, hasa kwa ajili ya kukodisha kibiashara, si rahisi. Ni muhimu kuzingatia mambo mbalimbali ya mkataba wa kukodisha na kuuweka katika maandishi ya kisheria. Kwa hiyo, kuajiri mwanasheria wa Muskegon ambaye anajua sheria ya jimbo la Michigan na sheria ya shirikisho ni lazima. Sheria ya Bowen inatoa suluhisho mbalimbali za kisheria kuhusu mikataba ya kisheria, kama vile kukodisha kibiashara na makazi. Wanasheria wetu wana miaka mingi ya uzoefu na ni watu mashuhuri katika nyanja zao. Kwa maswali ya kisheria, wasiliana nasi kwenye www.bowenlaw.com au piga simu (231) 726-4484.