In a commercial lease, both landlords and tenants assume substantial liabilities and risks. A landlord wants to ensure that the investment is protected, the lease terms are binding, and any potential exposures are limited. A tenant wants to know what expenses and obligations are involved with the lease, the landlord’s responsibility to perform specific duties, and the protection they are afforded.
At Kasan Law, our attorneys represent commercial landlords and tenants throughout Chicago and Illinois. Whether you are a commercial landlord or tenant, we can negotiate, draft, and review various commercial agreements, such as:
Contact Kasan Law’s commercial landlord and tenant attorneys to schedule your free and no-obligation consultation.
Landlord and tenant laws regulate the relationship between the owner of real property (Landlord) and those to whom they give certain rights of use and possession (Tenant). Landlord and tenant laws vary widely in their application based on various factors, such as the type of tenant, real property’s location, lease length, and kind of real estate involved. Landlord and tenant commercial leases overlap with various other laws, such as state law, contract law, ordinances, and business law.
In Illinois, the law applicable to commercial leases differ from those in residential properties. Unlike residential agreements, commercial leases generally offer fewer protections, allow the parties to negotiate the terms, and have limited disclosure requirements. In commercial leases, the law generally follows the lease agreement. In determining the responsibilities of each party, the specific commercial lease terms will control. The implied protections found in residential leases rarely apply to commercial properties.
A commercial lease is rarely a standardized form agreement and should be customized for each landlord-tenant relationship. In essence, commercial leases are contracts to rent a property for a commercial purpose, which establishes the terms governing the landlord and tenant relationship. A legally binding and enforceable commercial lease requires establishing the following elements:
At Kasan Law, we take the time to get to know our clients and fully understand their needs. In doing so, we gain valuable insight to helps develop a leasing arrangement aligned with their interests. Some common types of commercial lease structures are:
A commercial tenant is usually a business that takes up possession of the property for purposes of carrying on some form of commercial, retail, or industrial pursuit. A commercial tenant seeks to include terms that offer protection against activities that would harm their business interest.
In Illinois, commercial lease agreements can vary based on the specific circumstance surrounding the rental. A commercial lease agreement commonly contains the following terms:
In Illinois, commercial leases can be either written or oral. Commercial leases covering a period greater than one year are required to be in writing by the statue of fraud. Additionally, no matter how long the rental term, it is in the landlord and tenant’s best interest to have the commercial lease in writing.
In the event of a dispute, the written commercial lease will provide the terms that govern the landlord and tenant relationship. Without a written lease agreement, it can be challenging to prove the agreed-upon terms and increase litigation costs.
At Kasan Law, we represent both landlords and tenants in commercial property transactions involving office buildings, multiunit buildings, restaurants, shopping centers, mixed-use buildings, warehouses, and other commercial properties. Our commercial real estate lawyers are available to negotiate, draft, and review your commercial lease agreement to ensure your rights are sufficiently protected. Our consultations are free and carry no obligations.
Whether your legal needs involve residential or commercial property, contact Kasan Law’s real estate attorneys to schedule your free consultation by calling (312) 300-6724, e-mailing us at [email protected] to request a review of your case, or schedule your consultation online.