?What is a lease of real property? Describe how leases of commercial property might differ from leases of residential property.

Question

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Answer 1

In real property law, a lease is a contract by which the owner of real property (the landlord) grants to a person (the tenant) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of payment.Leases for commercial or business property are usually much more detailed than residential leases, so special expertise is needed to work with them. The terminology describing the building generally follows industry practices and terms used by the Building Owners and Managers Association. In a residential lease, the house or apartment is usually identified by address; but in a commercial lease, terms such as gross leasable square footage or net leasable square footage are used. Specific discussion of common areas and responsibilities for them is included. Such leases also often discuss inspection rights, what signage will be allowed, liability waivers, damage provisions, how alterations are to be handled, responsibility for repairs, and other issues usually peculiar to commercial property.