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What is a Lease?
A retail lease or commercial lease is a legally binding contract between a landlord and tenant.
The contract, known as a lease, is a bespoke document that deals with the tenants interest as an occupant of land. They are generally complicated in their construction and will often contain varying terms depending on the tenant's permitted use. For this reason, lease terms and conditions need to be very carefully read to ensure they match the needs of your business, as any drafting errors could cause catastrophic consequences for your new business venture.
Are lease terms negotiable?
Yes, lease terms are often negotiable, depending on their use and duration. Key commercial terms that are generally negotiable may include the rental amount, method of rental increases, the duration of the lease, the modifications you can make to the property and/or restrictions on how you may transfer or assign the lease.
Some of these terms may even be covered by relevant legislation.
What else should you consider?
Without limiting your current business situation and legal needs, we often encounter the following matters of discussion:
We highly recommend you seek independent legal advice before making any commitments, which includes signing an offer, paying a deposit or even taking possession of the premises, without a signing a lease.
Please reach out to discuss your options and how we may assist you in securing your best interests in your lease. Email us at firstname.lastname@example.org or call us on (02) 8971 8682.
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