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Offer to Lease Commercial Property
THIS OFFER TO LEASE (this "Offer") dated this ________ day of ________________, ________
FROM:
______________________________of______________________________________(the "Tenant")
TO:
______________________________of______________________________________(the "Landlord")
THIS OFFER WILL BE irrevocable until December 12, 2019, after which time, if it was not accepted by the Landlord, this Offer will be null and void.
DATED this ________ day of ________________, ________.
_______________________________WITNESS: ______________________
__________________________(Tenant)Per:____________________________ (Seal)
The undersigned hereby accepts the above Offer this _____ day of _____________, 20____.
__________________________(Landlord)Per:____________________________ (Seal)
An Offer to Lease is also known as a/an:
An Offer to Lease, also known as a proposal to lease, is drafted when a prospective tenant is looking to lease commercial space from a landlord or property manager.
An Offer to Lease is often the first stage in a commercial tenancy process and can be used to set the foundation for a Commercial Lease Agreement by including some preliminary rental terms like the rent price and the starting date of the lease term.
Typically, an Offer to Lease is used as a preliminary step for leasing commercial property rather than residential property.
Commercial property includes:
An Offer to Lease is generally used to:
In addition to the type of property and some personal details about the tenant and landlord (names and contact information), the lease proposal should include:
There should also be an expiry date on the offer. Without one, an offer is generally considered expired after a reasonable period of time has passed. However, what is considered "reasonable" can be subject to the interpretation of a court and can vary by state, so it's best to simply specify a precise expiry.
Unless otherwise specified, the party making the offer is free to revoke their offer at any time.
A formal Commercial Lease Agreement is required for a legal tenancy to take place. Although an Offer to Lease can contain certain lease terms, there are other requirements and terms that need to be addressed in a formal Lease Agreement.
For instance, provisions about eviction, late payments, and maintenance and cleaning responsibilities are not typically discussed in a lease proposal.
It is not recommended for a tenant and landlord to enter a tenancy agreement without a full, detailed lease describing their obligations and responsibilities. If some terms are left out or are unclear, it could lead to disputes between the parties.
An Offer to Lease that describes essential elements of a future Lease Agreement can be deemed to be binding. This means that if certain terms (like rent total) are agreed upon and accepted by both the prospective tenant and the landlord, both parties are likely to be legally bound to the terms. Those terms will appear in the same way in the formal Lease Agreement.
If the parties want the offer to be non-binding, they will have to make that intent clearly known. It's recommended to avoid including essential elements of the lease in the document.
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