WHO NEEDS TO SIGN A COMMERCIAL LEASE?
Just as in other legal contracts, corporate authority and the enforceability of the signatories must be considered when negotiating a lease. The question of who must sign a lease in order for it to be enforceable is a question of state law and the terms of the governing documents of the business leasing the rental. Unless a tenant can provide proof that the person signing the lease is in fact authorized to do so by proper action, a landlord is at risk of a claim that the lease was not dully authorized and is therefore not binding.
It is also important to confirm that the tenant entity is in good standing in the state where it was formed and is qualified to do business in the state in which the premises are located. Commercial Property Management is just a click our call away!
Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.
TRIPLE NET - WHAT IS IT?
What does NNN (Triple Net) mean in commercial leasing?
In commercial leasing rents are often quoted as being NNN or Triple Net. In a Triple Net lease, in addition to the quoted rental rate, the tenant is responsible for a specified percentage of the operating expenses and real estate taxes associated with the property.
NNN refers to Maintenance, Insurance and Taxes. Maintenance generally covers the maintenance of the property, including landscaping, common area utilities and property management. Because different landlords might include or exclude certain expenses from their definition of NNN, it is important to ask the for a specific list of included expenses in order to be able to accurately predict operating expenses.
We are here to help you and your clients with all aspects of commercial property management. Please contact us for further assistance.
Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.
