According to Maltese law, commercial property is property that is not used for residential purposes, and is used to generate profit. An example of commercial property would be grocers, stores and private clinics. We will help you determine whether your property falls under this category.
In order to enter a commercial lease agreement, a written agreement must be signed by both the lessor and lessee. In order for the contract to be valid and binding, the contract of lease must include the following:
- Details of the property to be leased (address, identification of area etc.);
- Details on how the property being let will be used;
- The total duration of the lease agreement;
- Specify whether the lease may be extended and detail how the parties should be notified;
- The total amount of rent;
- What the acceptable means of payment for the rent are.
Michael Kyprianou (Malta) can assist you with the drafting of lease agreements to make sure that you are protected by ensuring that clauses documents such as the Inventory of items provided to the lessee upon signing of the lease agreement, whether the property is handed over in a good state of repair, specification of right to access property, termination clauses, sale of property during letting period, amongst others are included and agreed upon when signing.