If you found a roommate on Craigslist, you would use a contract to define how much rent each person pays and who pays for utilities. The same is true when you move in with your partner. It’s a way to protect both yourself and your partner.

The first step of any commercial lease, whether as Tenant or as Landlord, is to set down the basic terms with a Letter of Intent (LOI). Learn about the essential elements of an LOI and how it can be binding or non-binding based on initial negotiations.