South Carolina Commercial Lease Agreement | PDF – MS Word
A South Carolina commercial lease agreement is used by property owners seeking to lease industrial, retail, or office space to a business. The standard term is anywhere between two (2) to five (5) years. There are three (3) types of commercial lease agreements:
- Triple Net (NNN) – This type of contract makes the tenant agree to pay an amount every month as well as their share of the expenses on the property such as real estate taxes, insurance, CAM’s (Common Area Maintenance), as well as any other local taxes or fees. This type of arrangement is popular with larger corporations.
- Gross – The tenant is only required to pay a one sum amount every month and the landlord takes the task of paying the expenses related to the property.
- Modified Gross – In addition to being required to pay an amount every month, the tenant must also make certain additional payments for utilities and other expenses as specified in the lease.
The landlord may want to check the individual’s credit to make sure that he or she has the financial stability to make the business work and to pay rent on time. There is a personal guaranty on the last page of the contract that the tenant should sign so that if the entity fails, the landlord is still paid. Usually, there are thousands of dollars invested by the property owner to fit the space to the tenant’s liking. Therefore, the landlord should have assurances that they will not encounter financial loss due to making an agreement.
South Carolina Secretary of State’s business search webpage – Property owners can verify the current standing of business entities by using this resource.