Mark Required Fields In Legal Michigan Commercial Leases Forms For Free

Specific Items to Include in Your Letter of Intent (LOI) Property Address. Allowed uses, exclusive uses, etc. Property Size. Building Size. Leasable Square Footage (LSF) Useable Square Footage (USF) Load Factor (This is how much shared common area you pay rent on, the difference between leasable and usable SF)

The amount and due date for rent should be explicitly stated along with how many days may pass before rent is officially late and if the tenant is subject to a late fee. As for the security deposit, a good contract specifies what constitutes damage that would cause forfeiture of all or part of the deposit.

A Legal, Binding Document The lease agreement acts as a legal, binding contract between the landlord and tenant and will be used as such by the court if any legal proceedings arise between the two parties.

Essential Elements of a Lease Date of the instrument: The date in which the lease is executed and not necessarily the date of its commencement. Identity of the parties: The full names of the lessor and the lessee. Capacity to contract: The lessor and the lessee must have legal capacity to enter into a contract.

Do Commercial Leases in Michigan Need to Be Notarized? It's not necessary. Typically, one of the parties may request to have the document signed and notarized, but it's not required by Michigan laws.

Essential Elements of an Agreement to Lease identify the parties (landlord and tenant); provide a description of the premises to be leased; provide a commencement date that is fixed or determinable (and not uncertain); provide a term; set out the rent; and.