Oklahoma Commercial Lease Agreement
The Oklahoma commercial lease is a document that binds an individual or entity for the use of space that may be used for a business related purpose. The tenant will be instructed to pay rent in addition to other expenses as negotiated by the parties.
How to Write
Due to the financial investment made on both sides, the landlord with fitting up the property and the tenant with installed fixtures, the term is typically between two (2) to five (5) years with options to renew at the sole decision of the tenant.
Step 1 – After the tenant has decided to rent the space the landlord should conduct a screening of the individual’s credit and background. If it is an entity, the principal(s) of the company should be reviewed and the entity should be verified with the Secretary of State’s Business Department.
- Use the Rental Application
Step 2 – After approval, the parties should agree to fill-in the document including the following terms:
- Monthly Payment
- Utilities and Property Expenses: Responsible Party
- Space (in Square Footage (SF))
- Rental Increases (if any)
- Use of Property
- Additional Agreements
Step 3 – After the document is complete the parties should sign and it is recommended to have at least one (1) witness or a notary public present at the time of lease signing.