Kentucky Lease to Own for Commercial Property

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Multi-State
Control #:
US-00836BG-1
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Word; 
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Description

This form is a sample of a commercial lease of real property which contains an option to purchase the property at the end of the term. This lease is a triple net lease which means that the lessee pays, in addition to rent, all expenses associated with the property such as property taxes, insurance and maintenance and operation charges.
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FAQ

Landlords do not have to pay interest on security deposits. Can security deposits be commingled with other assets in Kentucky? Landlords cannot commingle security deposits with their other funds. Landlords must deposit security deposits in separate accounts held solely for security deposit.

In Kentucky, landlords must give at least two days' notice prior to entering a tenant's property. While Kentucky specifies how much time notice must be given, there is no specification on which hours landlords are able to enter a property.

Signatures and Notary Since this is a business arrangement, the final document should be notarized, though this isn't a law in the state of Kentucky. After notarization, both parties should sign their name, print it, and date the document.

It is not generally advisable to lease a commercial property without a written agreement. Issues typically arise when the landlord is looking to sell or take possession of the property and evict the tenant.

Commercial leases in Ohio must be in writing and signed (See Ohio's Statute of Frauds- ORC Section 1335.04), and, they must be acknowledged (e.g., notarized) when their terms (duration) exceed three (3) years (See ORC Section 5301.08; ORC Section 5301.01).

Are there cities in Kentucky with rent control laws? No. Kentucky legislation preempts rent control.

A Kentucky rent-to-own agreement is a rental lease that includes conditions whereby the tenant can purchase the landlord's property. This type of arrangement allows tenants to move into a potential home as a renter while they raise the necessary financial profile to become its owner.

How long is a typical commercial lease? Commercial leases are typically three to five years. That guarantees enough rental income for the landlords to recoup their investment.

The short answer is No a witness does not need to sign But, there are some exceptions and things to consider. Most agreements do not need witnesses to sign them. Most agreements do not even need to be signed by the parties entering into the agreement. Most agreements do not even need to be in writing.

Kentucky Tenant Responsibilities (KRS 383.605)Tenants must comply with any and all housing and building codes that address health and safety. Tenant must maintain cleanliness of the property. Tenants must dispose of trash in a safe manner. Tenants must keep plumbing as clean as their condition allows.

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Kentucky Lease to Own for Commercial Property