Commercial v. Residential Property

Differences between a residential and commercial

The mode and strategy of marketing a property is determined by, among other things, the type of property and its intended use. This implies that the advertising of commercial property will significantly differ from that of residential property. Although the same channels may be used to advertise both types of property, the fact that each property category has a unique identity and different audience justifies the need to use different advertising strategies.

The Corporate Finance Institute (2022) defines a lease as “an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee”. In other words, a lease refers to a document outlining the terms under which a person agrees to give another person permission to use specified property. As such, leases are very important because they act as legal, binding contracts between tenants and property owners. More specifically, leases outline terms and conditions by which both parties must abide, as well as actions to be taken in the event of default. Another difference is that commercial leases generally offer customized terms, unlike residential leases that tend to take a standard form (Thompson, 2019).

Commercial leases are quite different from residential leases. To begin with, commercial leases are written solely for business use, outlining the specific commercial activities that are allowed under the lease. In contrast, a residential lease grants lessees rights to use specified property for daily activities and living. Secondly, a residential lease contains more tenant protections unlike commercial leases. They also offer numerous legal protections compared to commercial leases. For instance, property maintenance is the responsibility of landlords in residential leases, while for commercial leases, it is the tenant’s responsibility. Commercial leases also differ from residential leases in terms of complexity; the former tend to be more complex and binding.

Lease negotiations are important because they ensure that the needs of both parties are met. Having defined a lease as an agreement outlining the policies and conditions of using someone else’s property and the likely repercussions in the event of default, lease negotiations are crucial in making each party feel satisfied before signing the lease. Negotiations give parties the opportunity to address important issues such as rent, renewal options, and any hidden costs.

References

Corporate Finance Institute. (2022). What is a lease? https://corporatefinanceinstitute.com/resources/knowledge/other/lease/

Thompson, M. (2019). 3 key differences between a residential and commercial lease. <<3 Key Differences Between a Residential and Commercial Lease – Axcess News>>

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