Negotiating a commercial lease for the first time can be a little daunting. But like anything, it becomes easier once you’re familiar with the language and customs. We’ve outlined a list of the important factors to consider when you’re thrashing out the lease with your Landlord. It will help you to find that Sweet Spot where you both get a good deal out of the arrangement.
Signing a retail lease is one of the most important business decisions you will make. It is therefore essential that your retail lease feature clear and explicit negotiated terms so that both parties are clear on how the lease is intended to operate. In other words you need to make sure that your lease says what you mean it to.
Under Australian Law it can be tricky trying to work out whether your commercial property needs a commercial or retail lease. It’s important to choose the right option for your tenant so you comply with the law. This article helps you work out whether a property you wish to rent out falls under a retail or commercial lease.
Retail leasing is quite regulated and if your tenant asks to assign the lease or sublease the premises there are particular actions you should take. We’ve put together a handy table that breaks down the Landlords obligation for each Australian state.
When you lease a retail or commercial premises, you need to decide how you will manage the outgoings. Will they be charged as a separate amount or will they be added to the regularly monthly payment. This article helps you to detrmine which option you should choose.
A popular strategy among business owners is to purchase (or transfer) their business premises into a Self Managed Superannuation Fund (SMSF). The business property is then leased to the business entity (or individual) as the tenant. This is a great way to leverage your assets as long as all dealings between the SMSF and related parties are kept at arms length and on Commercial terms, that is, you have to get the paperwork in order.
Yes, sometimes factors exist which will impact on an otherwise valid contract and if the mistake concerns a fundamental matter, the mistaken party can apply to the courts for relief. We look at different types of mistakes and how a mistake can be rectified.
It may be seem like a generous act of goodwill to allow your tenant to move in before finalising your lease – but this decision can have big consequences for you down the track. We examine the three main reasons why you should resist the temptation to let your tenant move in before they have signed on the dotted line.
It might seem very basic, but it is vital to get the names of the entities or “parties” correct when drafting a legal document. Stating the parties formally and accurately gives you certainty that there can be NO question about the parties’ intentions later, especially if the particulars are changed or forgotten. We look at the different types of “parties” and the correct way to record the information.
Verbal agreements can be legally binding and in fact many business and personal transactions are conducted purely on a handshake. But if things go wrong, it can be very difficult to sort the matter out or to even prove the agreement existed.
If you own a Commercial rental Property you can claim the following list of expenses as a tax deduction as long as the expenses were incurred during the period your property was rented or available for rent.
Peter sent in a burning question asking if it is legal to allow a new retail tenant to occupy a shop on a month to month basis in Victoria?
For a landlord, a well worded permitted use definition allows you to maintain effective control over the premises and the way it will be used. You can make the permitted use as specific or as open as you wish.
It is a situation landlords hope they will never experience. Their tenant has stopped paying rent and they need to take action to mitigate the damage to their bottom line. We look at what the Landlord needs to do and more importantly how they should do it.
Are you thinking of renting out a room, clinic or office? You may not need a full Retail or Commercial Lease to cover your arrangement because a Shared Office Space or Licence Agreement may suit your needs.
Honesty between the Landlord and the tenant allows the tenant to make an informed choice about whether they will accept the lease.
Landlords are required by law to provide a prospective tenant with a summary or disclosure statement of all the important terms of the proposed lease. We look at the reasons why it has to be done this way.
It’s taken several years to get all the documents together but we’ve finally done it. We’ve just launched our Property Investors Kit with a view to providing all of the documents you would need if you were prone to property investment.
Whoever said “Ignorance is bliss” was not referring to being a Landlord. Landlords need to be informed and follow the rules set down by state legislation so they can deal with issues and tenants effectively.
Dispute Resolution Process for Commercial and Retail Leasing for each Australian state set out in easy-to-read table format.
It’s a situation every landlord hopes to avoid – non-payment of rent.
And while you do hope it’s not going to happen to you, if it does you need to take a pro-active approach and contact your tenant in the right way at the right time. As retail leasing laws vary from state to state, we’ve put together a page that gives you the information you need.
Retail lease transactions are heavily regulated in Australia and in most states and territories, retail tenants have the right to a minimum 5 year lease term. There are circumstances however, where your might want to set the minimum term at less than 5 years. This article explains how this might be done.