Virginia Commercial Lease Agreement | PDF – MS Word
A Virginia commercial lease agreement is a document that property owners/managers can use to bind a tenant into a legal agreement to rent a space for business purposes. The tenant may be an individual or business entity and the property may be used as industrial, retail, or office space. The lease agreement must be drafted to suit both parties involved, and the breakdown of the expenses relayed therein can be handled in the three (3) following ways:
- Triple Net (NNN) Lease Agreement – The tenant pays a set monthly amount for rent in addition to covering all expenses.
- Gross Lease Agreement – The tenant pays a monthly rental fee and the landlord pays for all utilities and other expenses.
- Modified Gross Lease Agreement – In addition to the monthly rent the tenant pays a portion of property-related expenses as stated in the lease.
Landlords are encouraged to conduct thorough background checks on all potential tenants before approving them for leases. In addition to looking up individuals’ credit history, landlords can verify businesses by searching for them on the State Corporation Commission Clerk’s Information System.