What is a Lease?
Leases are the contractual arrangements entered into between landlords and tenants for the letting of a premises or part thereof. The most common types of leases relate to residential property and commercial leases. Although common, commercial leases, and in particular retail shop leases, may be significantly more complicated than standard residential tenancy agreements.
Important Issues of a Lease Agreement
Leases are often substantial documents and include numerous terms which need to be closely considered before execution occurs. Examples of important issues which may need consideration include:
- Options to renew;
- Who is responsible for additional services and outlays;
- Assignment rights and early termination liabilities; and
- Bond payable.
Given that commercial leases can span at least 30 pages in length, it is important to allow sufficient time to fully consider their contents and to obtain legal advice before execution. It is important to remember that you may be able to negotiate the terms of a lease if you are not satisfied with the terms proposed.
Forge Legal has extensive experience with the drafting and executing complex residential and commercial leases. With a knowledge base spanning the last 30 years, our professionals can assist with the process of assigning, amending, reviewing and renewing leases. Our skilled team is not only familiar with execution of leases, but also the enforcement of lease agreements where non-compliance has occurred.