Commercial Lease Agreement Oklahoma
A commercial lease agreement Oklahoma is a contract that is drafted between the tenant of a commercial business property and the landlord.3 min read
A commercial lease agreement Oklahoma is a contract that is drafted between the tenant of a commercial business property and the landlord. The agreement will lay out the obligations of both parties as well as:
- The address of the leased property.
- The length or the lease.
- The payment amount and terms.
The most commonly used lease agreements in the state of Oklahoma include:
- Standard leases which last for 12 months.
- Month-to-month agreements.
- Lease to own agreements.
- Roommate agreements.
- Commercial lease agreements.
Commercial agreements can be quite complicated but when adequately negotiated can be very cost effective.
Under the Oklahoma law, there are certain things that a landlord must disclose to a party that wishes to lease property from them. They must disclose:
- If the property has flooded anytime during the previous five years.
- The identity of any person that is allowed to act on their behalf in relation to the property.
- If lead paint was used if the home or apartment was built before 1978.
Rights and Responsibilities of Landlords
In Oklahoma, landlords have specific rights and responsibilities required under the law. Landlords:
- Must provide the tenant with a day's notice before entering the for a nonemergency.
- Are allowed to request security deposits from lessees, but it must be returned 30 days after the lease has ended.
- Must deposit the security deposit in an escrow account maintained by the state.
- The security deposit can be applied to back rent or damages due to noncompliance of the commercial lease agreement.
How to Write a Standard Oklahoma Lease Agreement
Typically in Oklahoma, a standard lease agreement will turn to a month-to-month at the end of the lease duration. No matter what the case, all lease agreements must be in compliance with Oklahoma's landlord-tenant laws and include the following:
- The legal name of the property owner as well as the tenants.
- The name of a property management company allowed to act on behalf of the landlord.
- The physical address of the property location.
- The date that the lease agreement starts and the date it ends.
- The amount of rent that is due each month, when it should be paid, how it should be paid, when it would be considered late, and any fees for late payments.
- A statement that gives the tenant a five-day move out notice if rent is not paid before the eviction process can commence.
- The amount of any required security deposit.
- If pets are allowed, any fees involved, and any restrictions.
- What the legal use of the premises is.
- If smoking is allowed on the premises.
- The list of included utilities and utilities the tenant is responsible for.
- The names and ages of all the property occupants.
- Emergency contact spaces for the tenant.
- How tenants can request maintenance and repairs.
- Whether there is a homeowner's association or any property membership fees.
- If subletting is allowed and the requirements.
- A clause discussing required insurance.
- An address where each party can receive legal notices.
- What happens in the event the lease is broken.
- The date signed and the signatures of the landlord and tenant.
- The signature of a representative or the property management company.
While each lease may differ, some important facts to know include:
- Provisions for damage or destruction of the property and whose responsibility it is to repair or rebuild the premises. If not addressed this generally means the responsibility will depend on the significance of the damage.
- Even though leases will allow the tenant to terminate the lease if the premise is destroyed, commercial leases can have provisions that supersede this.
- A landlord can terminate the lease if a disaster renders it partially unusable or there is a mutual agreement to terminate.
- The security deposit and refund will be subject to the terms laid out in the lease.
- The landlord will typically not be responsible for damage to tenant furnishings, equipment, or improvements.
- For a premise to be considered "destroyed" is will have to be deemed unfit for use. This can be caused by flood damage or other natural disasters.
- Any rent reductions will be governed by the terms set out in the lease.
- If a landlord chooses to repair a premise, they must do so in a reasonable time frame.
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