South Carolina Commercial Lease Agreement
The South Carolina commercial lease agreement is a binding contract between a business, represented by an entity or individual, and a landlord that owns non-residential space such as retail, office, or industrial. The form may be setup in three (3) different ways;
- Gross – The tenant pays a monthly amount and the landlord takes care of all utilities and expenses related to the property.
- Modified-Gross – Tenant and landlord negotiate and share all the costs associated with the premises.
- Triple-Net (NNN) – The tenant not only pays an agreed upon monthly amount to the landlord but is responsible for any and all expenses related to the property.
There are a few other things a landlord should consider before signing an agreement such as if the business has been in operation before this date, if so, then previous tax returns should be looked at before authorizing a lease. Also, if it is a first-time business the landlord should require a personal guaranty and view the principal’s assets with the rental application to see if just in case the business plunders, that the tenant has the funds to pay the monthly amount.
- All entities should be checked with the Secretary of State’s office to ensure that they are in ‘Good Standing’.
- Agreement should reflect all State Laws Title 36 > Chapter 2A – Commercial Code – Leases