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Leases give non-owners the right to use and possess land and/or buildings for a specific period of time (up to 99 years), for an agreed-upon price.
A ground lease gives a tenant permission to develop a piece of property, and at the end of the lease period, the land (and all of its buildings and other improvements) are turned over to the property owner. Property owners benefit from ground leases because they get an income stream, yet are able to hold onto the land. Lessees benefit from ground leases because they get access to prime real estate without having to pay for the land upfront – instead, they make lease payments.
Building Leases – Commercial And Residential
Building leases can be used for commercial properties, such as apartment buildings, farms, shopping malls, warehouses, offices, and retail stores. Residential leases can be used for single-family homes, townhomes, lofts, duplexes, condos, and apartments.
Commercial Lease Terms
Some of the most common lease terms for commercial properties include:
- rent payments and escalation of rent
- length of lease
- property taxes
- CAM (common area maintenance) charges
- ability to sub-lease
- exclusivity rights
- leasehold improvements (and who will pay for them)
Most leases are incredibly complex and can cause a myriad of problems if they’re poorly written, executed, and/or understood. Before you draft or sign a ground lease or a building lease, consult with one of our experienced, local real estate attorneys.
At Timely Contract, we have local real estate attorneys who have experience throughout Idaho, including: Boise, Post Falls, Coeur d’Alene, Lewiston, Moscow, and Sandpoint.
We also have local real estate attorneys who have experience throughout Montana, including: Missoula, Billings, Bozeman, and Kalispell.