What is a landlord?
A landlord is the owner of a piece of real property, which is rented or leased to a tenant (person or business entity). The property can be an apartment, house, condominium, whole building, land, or any other real estate that is given to use by someone other than the owner, in exchange for a fee.
What are the landlord’s responsibilities?
The lease formulates the terms of the relationship between the landlord (lessor) and the tenant (lessee), as well the rights and responsibilities of each. In commercial real estate, depending on the type of lease that is agreed upon with the tenant, the landlord has a certain set of responsibilities regarding the property. These responsibilities may include:
– Property maintenance and repairs (structural and utility)
– In some cases, landlords are expected to also cover “implied warranty of fitness for intended use,” which means that, in addition to structural elements, the landlord is responsible for other elements which are considered essential for a business to operate, such as working elevators, air conditioning and cleaning
– In markets where commercial space vacancy is high, leasing conditions will usually favor the tenant. In such cases, landlords may also be responsible for preparing the commercial space in a way that best serves the tenant’s business needs
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