Leases
Commerical Lease
This Lease provides for the rental of a unit or space that is generally used as an office location (i.e. doctor, accountant, computer programmers, sales office, etc.). This lease is referred to as a “net lease” (sometimes referred to as a triple or a quadruple net lease) because the Lessee (a.k.a. tenant) pays all of the ongoing operating expenses. The Lessor (the owner/landlord) receives a net rent because the tenant pays the property taxes, utilities, insurance premiums, maintenance (including CAM), and repairs. The Term of the Lease (the period that the lease is in effect) is for a period of time that is agreed upon by the parties, but this lease is prepared so that the Term is usually for a period of one year or more. The essential terms of the Agreement (parties, price, term, etc.) must be provided. Here, the owner of the property (the person or entity that is leasing the property) is referred to as the Lessor and the person or entity that is renting the property from the Lessor is called the Lessee
Living Spaces Lease
This Lease provides for the rental of a residential room, unit or space that is either furnished (i.e. has furniture and other personal property for the tenant’s use) or not furnished (i.e. it is empty but ready for occupancy) – and the Term of the Lease (the period that the lease is in effect) is for a period of time that is agreed upon by the parties, but this lease is prepared so that the Term is usually for a period of one year or more. The essential terms of the Agreement (parties, price, term, etc.) must be provided.
Equipment Lease
This Lease Agreement is used when equipment of any type (personal property rather than real property) is to be leased or rented by an owner (whether an individual or a company) to another person. The Lease can be for a short or long-term period.
After all of the terms of the lease are agreed upon and the information has been inserted into the Lease form, each party should sign the document and initial the lines on Schedule “A.” The Lessor (the party that owns the equipment and is leasing it to the other party) should keep the original lease with the signatures and should provide a copy of the lease to the Lessee, the party leasing the equipment.
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