Commercial Lease Agreement Oklahoma
A commercial lease agreement Oklahoma is a contract that is drafted between the tenant of a commercial business property and the landlord.3 min read
A commercial lease agreement Oklahoma is a contract that is drafted between the tenant of a commercial business property and the landlord. The agreement will lay out the obligations of both parties as well as:
- The address of the leased property.
- The length or the lease.
- The payment amount and terms.
The most commonly used lease agreements in the state of Oklahoma include:
- Standard leases which last for 12 months.
- Month-to-month agreements.
- Lease to own agreements.
- Roommate agreements.
- Commercial lease agreements.
Commercial agreements can be quite complicated but when adequately negotiated can be very cost effective.
Under the Oklahoma law, there are certain things that a landlord must disclose to a party that wishes to lease property from them. They must disclose:
- If the property has flooded anytime during the previous five years.
- The identity of any person that is allowed to act on their behalf in relation to the property.
- If lead paint was used if the home or apartment was built before 1978.
Rights and Responsibilities of Landlords
In Oklahoma, landlords have specific rights and responsibilities required under the law. Landlords:
- Must provide the tenant with a day's notice before entering the for a nonemergency.
- Are allowed to request security deposits from lessees, but it must be returned 30 days after the lease has ended.
How to Write a Standard Oklahoma Lease Agreement
Typically in Oklahoma, a standard lease agreement will turn to a month-to-month at the end of the lease duration. No matter what the case, all lease agreements must be in compliance with Oklahoma's landlord-tenant laws and include the following:
- The legal name of the property owner as well as the tenants.
- The name of a property management company allowed to act on behalf of the landlord.
- The physical address of the property location.
- The date that the lease agreement starts and the date it ends.
- The amount of rent that is due each month, when it should be paid, how it should be paid, when it would be considered late, and any fees for late payments.
While each lease may differ, some important facts to know include:
- Provisions for damage or destruction of the property and whose responsibility it is to repair or rebuild the premises. If not addressed this generally means the responsibility will depend on the significance of the damage.
- Even though leases will allow the tenant to terminate the lease if the premise is destroyed, commercial leases can have provisions that supersede this.
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