At its core, a commercial lease is an agreement whereby the owner of real property grants a leasehold estate to a tenant thereby allowing the tenant to use and occupy a certain demised premises on the owner’s property for a specified period of time. Letters of Intent are typically non-binding documents outlining the basic deal terms and do not address all of the legal issues. The commercial lease, on the other hand, is typically a comprehensive document drafted by an attorney that details the rights and obligations of the parties. A commercial lease differs from a residential lease in many respects and in most cases, the parties should seek advice of counsel before executing agreement.
*Thank you for taking the time to read this article. This article is part of our “Commercial Leasing for Non-Lawyers,” a Blog Series on Commercial Leasing. Other aspects of commercial leasing transactions in New York are discussed in other Parts of this series.
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