Whether you are leasing a commercial or a retail property, your lease agreement sets out the contractual rights and responsibilities of both landlord and tenant. A lease agreement should not be taken lightly and can be a very significant contract in your business. A well-drafted agreement is essential to a healthy and effective relationship between a landlord and tenant.
Cultiv8 Conveyancing strongly recommends having a proposed lease reviewed by a licensed conveyancer. Our team will provide you with a breakdown of the lease elements, explain the legal jargon and warn you of the pitfalls.
Some considerations when entering a lease are:
- Duration of the lease and what options for renewal at the end of your lease. How long do you want to operate from the premises?
- Rent amounts and the frequency of payments may significantly impact cashflow. Is this something you should negotiate?
- Are you aware that the rental fee cannot be changed during the lease period, unless agreed upon by the landlord and tenant? It is important to know this and your other rights.
- Are you satisfied that the consequences that apply to a breach are fair? If not, negotiate.
- As far as maintenance and repairs are concerned, the lease should clearly define what both parties are responsible for.
Any one of these elements could cause pain, expense and confusion. Together, when setup correctly, these contractual factors allow ease and productivity. This is why investing in the services of a conveyancer is money very well spent.
Whether you are entering into a commercial, retail or even an industrial lease, the team at Cultiv8 Conveyancing can provide you with assistance and a professional legal service.
