Tenant’s Rights: Commercial vs. Apartment

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Tenant’s Rights: Commercial vs. Apartment

Topic:

Business & Contracts, Court Representation & Litigation, Real Estate, Landlord Tenant

Read Time:

1-3 mins

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What Is Happening?

COVID-19 has stopped the economy for many Americans. Workers and businesses alike are wondering what is next, and how to pay rent. For workers in places like Chicago, the government has stepped in and stopped evictions. Business owners, meanwhile, are attempting to work out agreements with their landlord.

What Is the Difference?

RESIDENTIAL: Security deposit required to be held in interest-bearing account. Warranties that the unit is fit for your living purposes. Legal / statutory lease terms (meaning tenant is protected, regardless of whether or not a term is included in the written lease).

COMMERCIAL: Very few (or no) security deposit requirements. No warranties that the unit is fit for your business purposes. Very few (or no) legal / statutory lease terms (meaning tenant is likely not protected when a term is excluded in the written lease).

SUMMARY: Residential tenants have more legal protections than commercial tenants.

How Does It Affect Me?

If you are a tenant, knowing what kind of tenant you are affects what type of protections you will receive in court. For instance, a commercial tenant will not have much of a defense when it comes to the condition of the building; whereas, if you are residential tenant, you will likely have a defense, if you provide sufficient proof.

What Can I Do to Protect My Rights?

Commercial:

  • Read the lease carefully.
  • Walk through the unit to make sure it conforms to your expectations.
  • Speak with an attorney to discuss your goals and legal rights.*

Residential:

  • Read the lease carefully.
  • Speak with an attorney to discuss your goals and legal rights.
  • Walk through the unit to make sure it conforms to your expectations.
  • Discuss your security deposits arrangements with your landlord.

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