Rhode Island Commercial Lease Agreement

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A Rhode Island Commercial Lease Agreement is a specific kind of lease used to rent property out to a for-profit entity for commercial reasons, usually either industry or business. Note that, as they are not for-profit entities, non-profit and charitable organizations cannot use this type of lease.

As Commercial Leases are completely different from residential leases, they are governed by a different set of regulations and laws than residential leases. As such they are often more complex, with many unique clauses depending what the tenant intends to use the the property for. As such they should be read even more carefully than a residential lease.

In Rhode Island, the most common type of commercial lease is a Triple Net (NNN) lease, where the tenant is responsible for the property taxes, utilities and upkeep for the property, in addition to the lease. A less common type of lease is a Gross lease, in which the tenant is only responsible for the rent, but the rent is typically much higher than in a Triple Net lease.

For specific Rhode Island laws governing Commercial Leases consult Rhode Island Gen. Laws 34-18.1-1 to 34-18.1-20