3 Commercial Lease Landlord Responsibilities You Might Not Know
If you’re unsure about commercial lease landlord responsibilities, then you’re not alone. Rental agreements are complex, causing landlords and tenants to question who’s responsible for what.
The good news is there are 3 commercial lease landlord responsibilities that are straightforward, time and time again, saving you the headache of wondering who needs to take care of what within a lease.
Keep reading to learn about these landlord responsibilities, helping you enter into your next lease agreement with the necessary knowledge to help everyone involved.
Commercial Lease Landlord Responsibilities
Landlords need to understand what’s expected of them before entering into a lease agreement. Some requirements may seem like a gray area, while others are more straightforward.
The first commercial lease responsibility guarantees every building is up to code, so be sure to know your state’s requirements.
1. Building Codes
There’s nothing more important than a structurally sound building, and tenants and landlords alike understand the importance of this. As such, landlords are responsible for providing a building that’s up to code on a state and local level.
This includes habitable buildings with accessibility for disabled individuals, in compliance with the Americans With Disabilities Act. Additionally, buildings can’t contain hazardous materials such as asbestos, lead paint, or be contaminated with chemicals.
If you’re unsure about your state’s specific safety standards, contact your local building department to ask about building codes ahead of time.
2. Structural Integrity
If you’re wondering who’s responsible for damage, the landlord is responsible for anything structural. This includes a building’s roof, walls, and general foundation.
Since roof damage is the landlord’s responsibility, read on here for more information about commercial factory roof repair.
Damage caused by the tenant, however, is the tenant’s responsibility. Typically, anything walls-in falls on the tenant to fix, although some instances do require landlords to maintain and repair heating systems as well as ventilation and ductwork.
3. Insurance
Landlords are required to protect their buildings with insurance coverage. In the event of a natural disaster or theft, insurance covers equipment within a building and helps to offset the cost of repairs.
However, insurance doesn’t cover everything. Some landlords opt to purchase additional risk insurance in the event that a tenant falls and hurts themselves. Insurance is a means of protecting everyone involved, so have the appropriate amount of coverage at all times.
Understanding Landlord Responsibilities
If you’re a landlord or tenant, it’s crucial to understand your responsibilities to protect you throughout the duration of your lease.
Now that you understand the most important commercial lease landlord responsibilities you’ll be ready for your next rental agreement. When in doubt, contact your local building department to ask for a complete list of building codes.
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