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3 Key Steps to a Northern Territory Retail Property Lease Agreement

If you have a retail property or shop that you wish to rent out in the Northern Territory, you need to be familiar with the fundamental steps in the retail leasing agreement process. There are certain requirement that must be met in order to comply with the Retail Lease Act

You might be tempted to skip these steps and give the tenant early possession but we caution you to resist that urge for the following reasons.

A tenant obtains certain rights on taking possession, even if a formal Lease has not been signed, and these rights may contradict what you intend in the written agreement.

If you need to complete any fit-out works before the tenant takes possession, make sure you give yourself enough time to complete them before the start date of the Lease.

Follow these three steps

Northern Territory Retail Lease Timeline

Firstly – as soon as negotiations begin, provide your prospective tenant or lessee with a blank copy of the lease agreement.

Then, at least seven days before signing the lease, you must give your prospective tenant a completed copy of the Retail Lease Disclosure Statement.

Then your tenant must give you (the landlord) a completed copy of the Tenants Disclosure Statement within seven days of receiving the Landlords Disclosure Statement. (This is part of the Landlords Disclosure Statement.)