A New Jersey commercial lease agreement is a legally binding contract establishing a landlord-tenant relationship for the use of a commercial property. Both parties agree on specific terms, including monthly rent payments, late fees, security deposits, renewal options, and property use restrictions.
Because of the complexity of a commercial lease, a landlord conducts due diligence to ensure they get a reliable tenant. Before choosing a tenant, a landlord may conduct tenant screening and confirm a business’s financial status. The tenant can also ensure they receive a beneficial deal by examining the property and determining its practicality for the company’s current and future needs.
New Jersey Business Entity Search: Check if a business has the proper license to operate in the state before choosing it as the tenant for your commercial property.
Required Disclosure
Flood Zone – Landlords are advised to inform tenants if a property is located in a flood zone and disclose any known instances of flooding (§ 46:8-50).
REQUIREMENTS
Rental Laws: New Jersey Statutes § 12A-2A.
Consumer Protection Laws: NJ Stat. § 12A:2A-104.
Jurisdiction: According to NJ Stat. § 12A:2A-106, a jurisdiction in a commercial lease must be one in which (a) the lessee resides when the agreement becomes valid, (b) the lease is executed by the lessee, or (c) the goods are to be used. No other jurisdiction is valid, even if the parties mutually agree.
