Short-Term Commercial Rental Agreement

A Short-term Commercial Lease Agreement is a contract between a landlord (the property owner or lessor) and a tenant (the business or lessee) regarding the rental of commercial property for a short duration.

There are several situations in which a business might use a short-term commercial lease. Short-term commercial leases are commonly used by businesses that require temporary space for a specific period, typically less than a year. This could include situations such as when startups need office space, retailers need temporary retail space, or businesses need storage facilities for short-term projects or expansions.

Hence, short-term commercial leases offer flexibility for businesses that may not want to commit to a long-term lease or need temporary space for various reasons.

The Commercial Lease Agreement should be used when a business wants to rent a business or commercial property for a longer duration (longer than one year). On the other hand, the Residential Lease Agreement is used to rent residential properties for a longer duration.

How to use this document

This document requires basic information about the parties, including the following information:

• Particulars of the Landlord and the Tenant: This includes the full name and address of the landlord and the tenant.
• Property Description: The property is the property the landlord has agreed to let to the tenant for business purposes. This document requires a full description of the property such as the size and the location.
• Rent: This is the amount which is payable by the tenant for the use of the property. The tenant might make a lump sum payment or pay their rent weekly, monthly, quarterly, etc.
• Utilities: This specifies whether the landlord or the tenant will be responsible for paying utilities, such as electricity bills, water bills, environmental sanitation, etc.
• Termination: This document includes certain conditions for termination. For example, the length of notice required by the tenant or the landlord in cases where either of them chooses to terminate the lease.

After completing this form, the document should be printed. The landlord and the tenant should sign the document. Alternatively, signing can be done electronically.

If the tenant is a sole trader, the individual who is the sole trader should sign and have the document attested to by at least one witness. If the landlord or tenant is a company, an authorized officer such as a manager should sign on behalf of the respective parties.

After signing, the parties should keep at least one signed copy of this document for their record.

Applicable laws

Various states in Nigeria have their tenancy laws. These laws include:

• The Tenancy Law, 2011: The law regulates the rights and obligations under tenancy agreements. The law applies to all parts of Lagos, except Apapa, Ikeja GRA, Ikoyi and Victoria Island.
• Land Use Charge Law: The land use charge is a property tax and all the properties and property owners are expected to pay it.
• Other applicable laws include: Registered Land Law, Land Registration Law, Capital Gains Tax Act and the tenancy laws of various States in Nigeria.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.