When a landlord and tenant enter into a commercial lease to lease commercial real estate it is imperative that a binding lease document is entered into and both parties understand the clauses contained in the lease as commercial lease terms can be complicated and commercial leases are often entered into for an extended period of time.
A commercial lease is a written legally binding contract that gives the tenant certain rights to the commercial property in exchange for monetary value.
A commercial lease can be quite complicated and it is imperative that you understand the terms it contains. There are a number of essential terms in a commercial lease that should be written in an unambiguous manner and provide for the ordinary events of a lease, as well as a number of contingencies for unforeseen events.
The essential terms of the lease include; term of the lease, security deposit, option to renew, improvements, rental income, etc. There should also be terms within the lease that cover unforeseen events (such as damage or destruction). Special conditions may also be written into the commercial lease.
Wyndham Partners can assist you if you are considering selling your property. We will prepare the Contract of Sale and ensure any special conditions you require are included (i.e a particular settlement date). We will also prepare the Vendor’s Statement, conduct all of the title and planning searches and prepare all other additional documentation to ensure your sale complies with Victorian legislation.
Once you have found a buyer for your property, we will engage with the appropriate parties and ensure all checks, documentation and relevant matters (such as adjustments, discharge of mortgage, etc) are completed to prepare for a smooth settlement.
Before entering into a commercial lease it is imperative that you understand the terms of the agreement you are entering into and as such you should obtain professional legal advice.
Wyndham Partners can provide you tailor legal advice to assist you with any issue you may have regarding your commercial lease.