North Carolina Commercial Lease: Types, Key Terms To Know, Costs
Quick Facts — Commercial Lease Lawyers (North Carolina)
- Avg cost to review a Commercial Lease: $620.00
- Lawyers available: 33 North Carolina real estate lawyers
- Clients helped: 22 recent commercial lease projects in North Carolina
- Avg lawyer rating: 5.0 (5 reviews)
A North Carolina commercial lease is signed between two parties, i.e., the commercial property owner and the tenant taking the property on rent. The North Carolina commercial lease must be signed between all parties if multiple parties are involved. The same applies to commercial subleases as well.
What Is the Difference Between Residential and North Carolina Commercial Leases?
There are two types of rental agreements, that is the residential lease and the commercial lease. The residential lease is only for people who wish to stay on the property. However, as per the government rules, in North Carolina, it is necessary to have a commercial lease to run a business on a rented property. In addition, commercial property owners or tenants have to pay a special government tax on the property.
Details to be included in the North Carolina Commercial Lease
Signing a commercial lease means it is a legally binding agreement. If you fail to meet the terms of the agreement, you may face legal consequences. When signing a North Carolina commercial lease, you must consider some factors:
- Contract Duration. Contract duration is the period for which the contract is legally valid. Once the contract period is over, if both parties wish, they can go for an extension or a contract renewal. In case of a contract renewal, one can also get the contract terms modified or altered to correspond to the present requirements. Generally, the contract duration is three or five years, depending on both parties. After the contract period ends, it becomes null and void.
- Property Details. The exact details of the property are lined out within the contract. It includes the total square feet of the property, the area used, the number of rooms, etc. If the owner refuses any part of the property to be included in the rental agreement, it must be clearly stated within the contract. In addition, the property's condition, such as its wear and tear condition, is also mentioned in the contract. It helps to eliminate any undue complications in the future.
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Types of Commercial Leases in North Carolina
- Net Real Estate Commercial Lease - Here, the rent amount is paid separately from the company's expenses.
- Full-service Commercial Lease - All the company expenditures related to the commercial lease agreement are also covered.
- Gross Lease- This comes under the other two commercial leases. Here the tenant must pay the other expenditures related to the commercial property, such as property taxes and maintenance costs.
Key Terms
- Contract Renewal - Making necessary changes in the existing contract to sign it again for the next duration.
- Legal Agreement - A document signed between parties where they fall into a legally binding contract.
Conclusion
It is important to safeguard one's self before signing a North Carolina commercial lease. Checking all the details is essential as it helps you avoid legal complications. Hiring a lawyer who is an expert in legal contracts from ContractsCounsel can help you.
Frequently Asked Questions
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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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Meet some of our North Carolina Commercial Lease Lawyers
Brad H.
Brad is a business attorney with experience helping startup and growing companies in a variety of industries. He has served as general counsel for innovative companies and has developed a broad knowledge base that allows for a complete understanding of business needs.
"Great job from Brad. I will definitely contact him again if I need help again."
Angelica M.
Angelica McDonald, Esq. has singlehandedly established an in-demand law firm, won several accolades for her incredible work in her community and has her sights set on building a bi-coastal law practice that serves clients from her hometown to Hollywood. She is putting her city of Raeford, North Carolina on the map as the birthplace of the next legal superstar. And she is just at the onset of her career. An astute attorney, Angelica is sought after for her razor-sharp business acumen and her relentless litigation style. With a diverse background in entertainment, media and sports law, as well as business, she represents entrepreneurs and athletes on everything from complex contract negotiation to intellectual property matters, ensuring anything they’ve built is protected.
"Angelica was easy to work with and so patient with all of my questions. I would definitely hire her again."
Richard G.
Hello! I am an Iowa native trying to bring some Midwest problem-solving to southern civil law. I thoroughly enjoy getting to know the individuals and businesses I assist. I practice estate planning and business formation and, with my litigation experience in mind, I help clients plan to ensure they and their interests are protected in the future.
March 26, 2022
Neilson B.
Hi, I am the founding member of Son of Brown Law Firm, based in Charlotte North Carolina. Our firm practices in the areas of Business Transactions, Cannabis/Hemp, Personal Injury and Immigration Law.
May 5, 2022
Cindy A.
Attorney that has worked in both litigation and transactional fields. Motivated and personable professional. Speaks fluent Spanish and very basic Portuguese.
July 8, 2022
AHAJI A.
Ahaji Amos, PLLC is a Houston-based intellectual property and civil litigation firm servicing clients throughout the U.S.
September 30, 2022
Gregory D.
Gregory S. Davis is a native of New York and is a graduate of the Norman Adrian Wiggins School of Law at Campbell University. He also holds an undergraduate degree in Economics from the Wharton School at the University of Pennsylvania and an MBA from Bowie State University. Prior to entering the practice of law, Greg was a Trust officer for one of the largest U.S. Banks, an adjunct professor of finance at Meredith College and a Series 7 licensed financial advisor. Greg is currently the owner of The Law Office of Gregory S. Davis, PLLC (gsdavislaw.com) focusing on Estate Planning, Real Estate and Business Law. Greg is also an adjunct professor of Business Law at Wake Tech.
Find the best lawyer for your project
Browse Lawyers NowLawyer Reviews for North Carolina Commercial Lease Projects
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"Best experience I've had working with a lawyer. Quick and thorough. I will definitely use Alex and his team again."
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Real Estate
Commercial Lease
Florida
What's permitted alterations in a commercial lease?
I am a small business owner looking to rent a commercial space for the first time. I am considering signing a commercial lease and want to know what kind of alterations are allowed in the agreement. I would like to avoid any potential legal issues or disputes in the future by clarifying what is permitted before signing the lease.
Moss S.
Usually permitted alterations are cosmetic, and non-structural in nature. Often times the Landlord will require the Tenant to submit plans, or in the alternative the lease will describe the fit and finish that would be allowed.
Small Business
Commercial Lease
North Carolina
What's the repair responsibility in a commercial lease?
I am a small business owner in the process of signing a commercial lease for a retail space. I am trying to understand my responsibilities as the tenant regarding repairs and maintenance of the property. I want to make sure I understand what my repair responsibility is in the lease before signing it.
N'kia N.
In a North Carolina commercial lease agreement, it is common for the landlord to be responsible for major maintenance and repairs (including structural issues) and the tenant to be responsible for minor maintenance and repairs (including general wear and tear). However, the landlord and the tenant may agree to alternative arrangements in the written lease. The best way to more fully understand your specific maintenance and repair responsibilities under a specific lease agreement is to have an attorney review the agreement and discuss it with you. Good luck!
Real Estate
Commercial Lease
Florida
Need flat rate to do sub lease Kiosk at mall in Miami
Renting Kiosk as a sub leaser, need to verify contract and seeking a Flat rate.
Moss S.
I have been a commercial real estate attorney for over 30 years. I can review the agreement, and negotiate and draft any revisions. Considering it is in a mall, I am guessing that it is with a major retail landlord which would require review of the underlying lease. I can give you a flat rate once you request a proposal.
Commercial Real Estate
Commercial Lease
Massachusetts
Can the tenant assign the lease to another business?
I am a business owner who recently signed a commercial lease for a retail space. I was recently approached by another business who is interested in taking over my lease, and I am wondering if I am able to assign the lease to them. I am looking to understand the legal implications of assigning the lease, as well as any other requirements or restrictions I should be aware of.
Joseph M.
In Massachusetts, a commercial tenant can assign or sublet the unit to a third party - UNLESS there is a specific prohibition in the current lease. However, even if there is such a prohibition, it might still be worth speaking to the landlord about since it might be mutually beneficial.
Real Estate
Commercial Lease
Texas
Should I use a lawyer for commercial lease?
It is a very long lease and I'm not sure what it says. I also don't want to pay a fortune to have it reviewed to eat into my budget.
George O.
Yes! Before signing any contract/agreement/lease, or anything that appears to be a binding agreement, it is worth the money to have a lawyer review it. I charge a flat fee to review any and all agreements, so my clients know up front what they are paying, and they consider it a cost of doing business. The alternative, i.e. not having a lawyer review your agreements prior to signing, can be, and usually is, exponentially more expensive should a conflict arise (and they often do).
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
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Commercial Lease Contract Review
Location: Florida
Turnaround: Less than a week
Service: Contract Review
Doc Type: Commercial Lease
Page Count: 8
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Bid Range: $550 - $700
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