Miami and the surrounding areas offer a myriad of residential and commercial leasing opportunities. An ideal lease agreement will protect the interests of property owners and tenants while meeting all local and federal regulatory requirements.
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Our Miami residential and commercial leasing lawyers put our clients first. We have over 20 years of combined legal experience and routinely represent individuals, entrepreneurs, businesses, developers, and real estate investors in a variety of leasing scenarios. Our team at Perez Abello Law can thoroughly evaluate your unique needs before carefully reviewing, negotiating, and executing all relevant leasing documentation. No matter your circumstances, we are committed to delivering flexible and cost-effective legal solutions.
Negotiating Residential Leases in Miami
A lease agreement defines the legal relationship between a property owner and their tenant. This pivotal contract should protect the interests of all parties and implement clear and unambiguous dispute resolution mechanisms. In order to be enforceable, the lease agreement must be carefully drafted to comply with all local, state, and federal laws.
A well-designed Miami-area lease agreement will typically include the following elements:
- The rental rate. The property owner should clearly state the monthly rent amount, when it is due, and what penalties will be assessed in the event of late payments or nonpayment. The property owner should also clarify what types of payment you accept and make sure there is no confusion over where rent funds should be directed.
- The security deposit. Florida does not limit the amount property owners may charge as a security deposit. The lease agreement should clearly state the amount that will be charged.
- Lease parties. Both the names of the property owner and the tenant or tenants should be explicitly listed in the lease. Each lease party will be responsible for honoring all terms of the lease agreement.
- Utility responsibilities. Florida property owners are required to cover water, sewer, and trash collection costs, while tenants are expected to cover Internet, cable, and security-related expenses. Property owners can generally decide if they wish to pass electricity and natural gas expenses to their tenants, but expectations should be clearly defined in the lease agreement.
- Maintenance requirements and other conditions. Property owners and managers are legally required to make certain types of repairs in certain timeframes, especially if an issue affects the livability of leased property. However, property owners may also choose to hold tenants responsible for maintaining clean yards. The lease agreement should define these types of tenant responsibilities, standards of cleanliness, and penalties for noncompliance. Property owners should consider adding any other relevant and enforceable provisions governing tenant conduct, such as noise limitations.
- Guidelines for early terminations. A tenant may need to depart before a lease is up for numerous legitimate reasons. However, property owners should include a provision that explains what will happen in these scenarios, including what costs the departing tenant is responsible for and whether they have the option of subleasing the property.
Our Coral Gables residential and commercial leasing lawyers can help you draft and execute these types of agreements. We represent both property owners and tenants in these negotiations and can review contractual language to verify enforceability.
Negotiating Commercial Leases in Miami
Commercial leases are not nearly as straightforward as residential leases. Prospective tenants must take steps to confirm that a commercial property can accommodate and is zoned for all of their operational needs. It is generally prudent to make sure all of these needs are addressed in a commercial lease agreement.
We can assist you with many types of commercial leases, including:
- Full-Service Leases. These leases require tenants to pay the entirety of the base rent for the property. The property owner then covers all property-related expenses, including maintenance costs and taxes. Tenants using a full-service lease may be responsible for contributing to “common area maintenance,” especially if a property services multiple tenants.
- Net Leases. Tenants will be responsible for paying a portion of the property’s operating expenses in addition to base rent. Triple net leases require tenants to cover all operating expenses, typically in exchange for lower base rents. Double net leases have tenants pay for utilities, property taxes, and property insurance. Single net leases only require tenants to pay utilities and property taxes.
- Percentage Leases. Tenants are required to pay a fixed percentage of their overall sales in addition to base rent. These arrangements are common in retail. It is generally industry standard for a property owner’s ask to not exceed 7% of sales.
- Absolute NNN Leases. This type of lease severs the property owner from all responsibility for the property for the duration of the tenancy. This means the tenant is fully responsible for paying all utilities and maintenance expenses.
Our Miami residential and commercial leasing lawyers can help you prepare, negotiate, and execute these complex agreements. Our team at Perez Abello Law has helped facilitate the leasing of commercial real estate throughout South Florida and is ready to help you navigate your next deal.