Rentals in Boston>Question Details

Greyhound Ch…, Renter in Boston, MA

My non-profit is entertaining a lease for new office space. Is a commercial landlord also required to put our deposit in an interest bearing account?

Asked by Greyhound Christine, Boston, MA Wed Jul 18, 2012

The proposed lease also has a default figure for non-payment after just 5 days. What is the usual grace period?

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no a commercial property owner is not required to pay interest nor set up an escrow account for security deposits.
1 vote Thank Flag Link Wed Jul 18, 2012
Thanks, would have preferred a different answer! : )
Flag Wed Jul 18, 2012
To clarify, I am an attorney and have read the law but was seeking confirmation from people in the business. My specialty is government and administrative law, not property law. Thank you so much!


Christine A. Dorchak, Esq.
President, GREY2K USA
0 votes Thank Flag Link Sat Jul 21, 2012
I am surprised you are doing a commercial lease without an attorney. be careful - the big boys know what they are doing and if you aren't represented by an experienced commercial broker at least - you could find yourself with regrets. Find a commercial real estate lawyer who has some lease experience.

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0 votes Thank Flag Link Sat Jul 21, 2012
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