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Commercial Leasing Checklist

Use this list BEFORE you sign on the dotted line to ensure you’ve completed the key clauses properly.

Have you stated the parties correctly? Are they an individual, a company or a trust?

If the tenant is a company do you know who the directors are?  If so, have you sought the Directors Guarantee? More info on Directors Guarantee.

Does your lease need to be registered?  Check your User’s Guide for the answer.

If a previous lease was registered on the title, take measures to remove the previous lease from the title registry.

Do you need your Mortgagees consent to lease?

If so, request consent to lease from the mortgagee using the form within the lease agreement. 

Will you take a security deposit or a bank guarantee?

  • If Security Deposit – Have you set up a separate interest bearing account to hold the deposit?
  • If Bank Guarantee – Has the tenant organised it?

More information on Security Deposits.

Is the proposed use for the premises permitted under local planning laws? Check with Local council.

How is the Rent to be paid?

  • If Direct Deposit – have you given your back details to the tenant so they can set up the direct debit with their bank?
  • Ensure you pass on GST where applicable and make it clear in the lease whether it applies or not.

Is the Rent review clause set up correctly?

  • Rent reviews usually occur annually on the anniversary of the commencement lease.
  • Will annual increases be a fixed percentage, in line with CPI or market rent?
  • A market rent review normally occurs at the end of the term / when the option is exercised.

More information on Rent Reviews.

Optional terms – Is there an option to renew for an additional term? If yes

  • When can the options be exercised?
  • What is the earliest date for the exercise of the option (usually 6 months from the end of the option term)
  • Latest date for exercise? (usually 3 months from end of lease term)

More Information on Optional Terms.

Outgoings – will the tenant be responsible for outgoings in excess of the rent? If so;

  • What percentage or amount will they be responsible?
  • Check previous year’s outgoings for a guide.

Insurances – is the tenant required to have certain insurance?

These include public liability, fire and theft? Have you sighted these policies?

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