What is Commercial Property Management?
Commercial Property Management can exist with regard to a variety of responsibility, obligation, and occupation within the realm of the commercial real estate market. On one hand, Commercial Property Management will serve as a description of the process and procedures latent within any or all administration with regard to the maintenance, upkeep, service, and provision of a piece of commercial property; within the realm of this type of Commercial Property Management setting, an individual or individuals will be given the title of ‘Commercial Property Manager(s)’ in order to manage the piece of commercial property – typically, the responsibility of the stasis of the Commercial Property in question will belong to any or all applicable Commercial Property Management services. On the other hand, Commercial Property Management may apply to legislative statutes and legal requirements to which must be adhered within the undertaking of commercial property; legality surrounding commercial property varies greatly from that innate within other forms of property – within legal Commercial Property Management exists a variety of legality specific to commercial property.
Commercial Property Management Lease Agreements
Upon entering a property agreement with a Commercial Property Management company, an individual tenant – or tenants – will be responsible for participating in the legal process addressing the transfer of ownership or the establishment of tenancy required by any or all applicable, jurisdictional legislature. Within the realm of Commercial Property Management, a wide range of statutory regulation applies in conjunction with commercial activity; in many cases, these regulations are specific to commercial property in lieu of other types of property:
Terms of the Commercial Lease
Commercial leasing is an option that may be available to individual tenants from the Commercial Property Managementcompany in ownership of a piece of commercial property. An individual will be permitted to satisfy apportioned rental payments to the owner of the commercial property in order to legally-maintain contractual – albeit temporary – tenancy:
A Commercial Property Management company in ownership of the property in question will typically be named as the ‘lessor’, which obliges them to not only draft a commercial lease agreement, but also adhere to the tenancy agreement expressed within it
The ‘lessee’ is the classification naming the individual tenant undergoing the lease – or rental – of the commercial property in question; the lessee will be responsible to make prompt payments to the Commercial Property Management company in order to maintain legally-recognized tenancy
Types of Commercial Property Management Leases
The establishment of a specific nature of Commercial Lease is typically the responsibility of the commercial property management company – or methodology – undertaken with regard to the applicable commercial lease; furthermore, the inclusion of any or all applicable stipulations with regard to the intended usage of the commercial property in question – these stipulations are determined upon the creation of a commercial lease agreement:
A gross commercial lease undertaken by a commercial property management companywill typically provide that the commercial lessor be responsible for the payment of applicable taxation, funding for maintenance and insurance premiums
A net commercial lease undertaken by a commercial property management companywill typically mandate that the commercial lesseebe responsible for the fulfillment of not only rental payments, but also applicable taxation, insurance premiums, upkeep, and maintenance