Unless you can afford to own real estate, you will have to lease premises. Commercial and retail leases need to be written, handshakes don’t hold up in real estate.
Depending on what you need and can afford, our advice will bring out the relevant points for you to consider in deciding to enter into a lease.
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Are you in a commercial or retail business? Commercial leases are totally negotiable, not so retail leases.
Once you have found a property you like in a decent location and you can afford the rent and outgoing, ask for a heads of agreement or summary of lease terms, but do not sign anything yes! First show it to your lawyer to make sure you are not agreeing to something too unreasonable or that has hidden expenses.
You can get more out of your solicitor if you tell them what you are wanting in terms of rent, fit out, land tax and rates, outgoings, repairs and maintenance, make good, insurance, land tax, utilities, term and option renewals, rent reviews, market reviews, personal guarantee and bond.
Common Partners & Shareholders Questions
Common Property Leases Questions
In each lease, we provide a written advice and take you through the clauses that most relevantly apply to your situation. You need to consider if you can you afford the bond, the monthly lease payments and final repairs obligations.