A real estate lease contract is one that is entered into between the owner of a real estate and a tenant. The contract is binding between both the parties and specifies the terms and conditions for lease between both the parties. In a real estate lease contract the property owner better known as lessor is required to provide a disclosure statement which complies with the commercial leasing act applicable according to the state.
Sample Real Estate Lease Contract
A real estate lease contract is entered into between the two parties namely the lessor and lessee wherein the parties to the contract are Mr. Gibbs Nobel and M/s Iona Association Ltd respectively on the 31st day of July 2013.
Description of Real Estate Lease Property :-
The property that is leases is located at Gibbs Commercial Space, #5, Bradford, West Yorkshire, London, BD23.
Real estate Lease Contract Registration Number – GB123458
Terms of Contract :-
1. Lease Term – The real estate lease term is fixed at 12 years from the date of contract and is extendable up to a period of another 5 years thereafter on mutual agreement of both the parties.
2. Security Deposit – The lessee is required to pay a security deposit of 40000 pounds to the lessor within fifteen days of entering into this contract. The security deposit is refundable on termination of lease or completion of the lease period whichever is earlier.
3. Monthly payments – The lessee is required to pay a monthly rent of 5000 pounds on or before the 3rd of every month into the bank account number of the lessor.
4. Usage of Premises – The lessee is required to make appropriate commercial use of the property without indulging in any illegal activities at any point of time. In the event of any such activity being involved in by the lessee the lessor has every right to evacuate the lessee with immediate effect.
Signature of Lessor : ______________________
Signature of Lessee : _____________________