Michigan Commercial Lease Agreement

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Michigan Commercial Lease Agreement is a real estate contract for businesses that runs typically for a term of at least one (1) year with the option to renew. A commercial lease in Massachusetts need to include 4 main things: (1) the parties, (2) the property, (3) the amount of rent to be paid, and (4) the duration of the lease. If the agreement is intended to be for less than 1 year, the law does not require it to be in writing. If the lease is for 1 year or more, it must be in writing including the material terms according to the statue of frauds and sign by both landlord and tenant.

Since a commercial lease is effected by contract and property law, it serves as both a document of conveyance and a contract. Unlike residential leases, Michigan law imposes few limitations on drafting commercial leases.