Leasing Terms
Leasing terms are legal documents drawn by the owner of a particular property for the purpose of letting the lessee or tenant to have a right to rent the property for a specific amount depending on the length of stay agreed by both parties. A lease term could be fixed, periodic, or indefinite. If the lease term is fixed, then the contract ends at the specified date. The owner or landlord need not inform or notify the tenant because it will automatically end as the term specifies. It is important for the tenant to be alert about the expiry of his lease because the landlord has the right to evict him without notification; if that happens and the tenant is not prepared or has no other place to transfer immediately, then he will be homeless for a day or more. A periodic term is one which is be renewed monthly, quarterly, or yearly, depending on the agreement; usually the term renews automatically.
Commercial complex property
As for indefinite term, the lessee can rent or leave the property whenever he likes, without legal obligations. Most lease terms are made in favor of the landlord and some of these terms have very strict and fixed rules. The contract or lease term is negotiable but some landlords are very stiff and unapproachable. It would be in your favor if you find a landlord with a good disposition and with whom you can negotiate your lease terms. For business, it is better to have a short-term lease because you never know the needs of your business. Everyday your business changes. Picture this, your business has just operated for a couple of months, but then it grows big and you need a bigger space; so transferring to another place won’t be so hard if you have a short-term lease, unlike if you have a long-term lease of, say, five years; you will really have trouble if your business grows so fast. The law specifies that the lease should have the following in its contract: a definite term could be fixed or periodic, a rent, and a confer exclusive possession.
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