What is a commercial property lease?

A commercial property lease is defined as a legal contract between a landlord and a business tenant, specifically outlining the terms under which a business can occupy and use a particular commercial space. This type of lease is distinct from residential leases because it encompasses properties used for business activities, such as offices, retail stores, warehouses, and industrial sites.

The lease will typically detail essential information including the duration of the lease, rent amount, payment terms, maintenance responsibilities, and conditions under which the lease may be terminated or renewed. The focus is on commercial use, which is vital for the operations of the tenant's business.

In contrast, options that refer to residential use, personal property rental, or agreements related to agricultural land do not pertain to the commercial leasing context. A residential lease, for instance, involves a landlord-tenant relationship for living space, and personal property rental relates to items rather than real estate. Similarly, agricultural agreements are geared towards land used for farming, which is different from commercial properties utilized for business functions. Thus, the emphasis on the relationship and the specific use case reinforces why the correct answer relates directly to the business aspect of the property.