A residential lease is a contract between an individual (personal) tenant and the landlord to use property for their everyday living. A normal residential lease is for a home, townhouse, condominium, and an apartment. The property is principally purposed for a primary residence. Rent is paid monthly for occupation. Contracts vary from a month-to-month lease to a term of years.
A commercial lease is a contract between a business tenant and landlord for use of commercial property for profit. The property is used for the sale of goods and services or making of a product. Unlike residential, the commercial leases are not used for day to day living. Commercial properties can vary from strip malls, warehouses or office spaces. Rent can be based on the square footage of the space that the tenant dwells in or a percentage of the income from the business. The commercial lease is usually termed by years and not month-to-month.
For more information on drafting or reviewing commercial or residential leases, please contact Martin Law Group, P.L. Helping Creative Investors Close Real Estate Deals!