Commercial leasing is one of the most lucrative businesses in the real estate market in Houston. When signing a lease agreement, you should be aware of the rights each party enjoys. Commercial landlords have statutory rights guarded by the Houston real estate laws. These rights are designed to ensure that their interested are protected as premise owners. As a commercial landlord, it is important to find out why these rights are important. Sometimes, it is important to seek services of commercial lease lawyer to expound on these rights. Here are some of the main 6 rights that commercial landlords enjoy in Houston:
1. Right to receiving rent at the agreed dates
If there is anything that a commercial landlord takes a keen interest on is the payment of rent. It is where their revenue comes from. While signing a lease agreement, the dates of payments are explicitly specified. It is the statutory right of the landlord to collect or receive the rents on that date. In case the tenant is unable to submit rent on that date, the landlord has the right to impose penalties or take the necessary steps.
2. Right to enforcing all lease terms
The lease terms are clearly stipulated in the lease agreement. They include payment dates for rent, maintenance premise, and insuring the premise among others. For all terms in this agreement, it is the duty of the landlord to enforce them. The tenants/lessee are bound to meet all the conditions of the contract, or otherwise, the landlord will be forced to provoke clauses that enable them to take extra steps.
3. Right to possessing premises after lease expiry
Once the lease has expired, the commercial landlord has all the right possess the premises upon lease expiry. If the landlord does not want to renew the lease, he/she has the rights not to do so. What if the tenant was Landlord regularly involved in fights with the landlord over previous contract term? The landlord may not be willing to renew the contract. The commercial tenant has no right to sue the landlord for failing to renew the contract.
4. Receiving security deposits
To protect the commercial landlord from losses resulting from rent defaults, they have the right to receive security deposits. Security deposit is the money that the tenants pay to the landlord as an advance rent to cover several months. Such amount pays for several Landlord months when the tenant is unable to meet their rent obligation. This way, the landlord does not suffer losses due to default in rent payment.
5. Requiring the lessee to maintaining the premise
It is the right of the commercial landlord to ensure the lessee is keeping the building in good condition. The law requires that the tenant keeps the premise as new as they found it. If the landlord realizes that the tenant has injured the floors or walls, he/she has all the rights to ask the residents to repair the injuries.
6. Right to Sue, the lessee
If the lessee breaches the contract, the landlord has all the right to sue him/her. What if the tenant fails to meet their rent obligations or starts modifying the premises contrary to the lease agreement? The landlord will be the aggrieved party. The terms of the rental agreement provide the avenue for suing either of the parties in case of a breach.
These are the main rights that the commercial landlords enjoy in Houston. As a landlord, it is important to hire the services of commercial lease attorney in Houston to guide you when to provoke these rights.