RIGHTS AND LIBERTIES – COMMERCIAL LEASE

Rights and liberties given to the lessee and retained by the lessor are determined from the lease document. The valuer should determine whether or not they affect the lessee's use and enjoyment of the premises and therefore, market value.

EXAMPLE

The lessee is given a right to use common areas in the building such as stairways, lobbies, kitchens, and toilets. However, if not expressly stated, such rights can be implied.