As a real estate management company, we often get questions about commercial leases and why having a written lease is so important. Whether you are renting office space, a storefront, or any other type of commercial property in Oregon, a written lease agreement is key to protecting your rights as a tenant. In this blog, we will explain why a written lease is so crucial to retain your commercial tenant rights in Oregon, keeping you safe and secure in your rental agreement.
Protection for Both Tenant and Landlord
A written lease protects both you as the tenant and the landlord. For you, it ensures that the terms you agreed on are clear and legally enforceable. This could include how much rent you will pay, when it’s due, and how long you will rent the space. If there are disagreements later, the written lease serves as proof of what was agreed upon.
For the landlord, the written lease protects their rights by making sure you pay rent on time, keep the property in good condition, and follow all the agreed-upon rules. It also clearly states what happens if you fail to meet any of these obligations.
Avoiding Misunderstandings
One of the biggest benefits of a written lease is that it helps avoid misunderstandings between you and the landlord. Without a written agreement, everything could be verbal, which can lead to confusion or even disputes down the line. A written lease outlines all of your responsibilities as a tenant and the landlord’s responsibilities as a property owner. When both parties know what to expect, it leads to a smoother and more professional relationship.
Important Terms to Include in Your Lease
A well-written lease should cover a few key details to ensure everything is clear. These include:
- Rent Amount and Payment Terms: The lease should clearly state how much rent you owe and when it is due each month.
- Lease Duration: The lease should specify how long you will rent the space, including start and end dates.
- Property Maintenance: The lease should outline who is responsible for maintaining the property, including repairs and upkeep.
- Renewal Terms: It should explain how you can renew or end the lease if needed.
- Security Deposits and Fees: Any fees or deposits should be clearly listed, including the amount and conditions for their return.
- Early Termination Conditions: If you need to break the lease early, the lease should describe how that can be done, including penalties or conditions.
Legal Protection
In Oregon, commercial tenants have specific rights under state law, and a written lease is one way to make sure those rights are respected. A well-written lease agreement will ensure that you are not taking advantage of anything and that your landlord follows the law as well. It also gives you a clear process for handling issues such as rent increases, property repairs, or eviction.
Closing thoughts
As a real estate management company, we always recommend that our clients insist on a written lease, no matter the size of the property. If you need help reviewing or creating a lease, we’re here to help!
Contact us today at Performance Properties, INC for effective commercial property management in Portland. Make sure your commercial lease is clear, fair, and legally sound.
