After locating premises, a tenant is required to negotiate the commercial terms of the lease and then enter into the lease.
LegalVision’s commercial leasing team is experienced in reviewing both heads of agreement (which can be binding) and leases for tenants, as well as negotiating lease terms.
Our leasing lawyers act for SMEs, franchisors and franchisees as well as large corporates, and can assist with the following:
advising on and negotiating amendments to maintenance, make good and
reviewing ancillary documents including licence agreements, assignments and
lease surrenders; and
managing your business’ commercial and retail leasing portfolio.
Our commercial leasing team has acted for a major Australian property developer in renewing and negotiating lease documents for their portfolio and advises on reviews for national franchisors. We assign a legal project manager specialising in commercial leasing to manage your matter and answer any questions. LegalVision can assist across all Australian jurisdictions, bringing the same focus to efficiency, accuracy and client service.
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5 Things You Need to Know About Reviewing a Commercial Lease
1A lease is an important commercial contract, often binding a tenant for many years. It is important for a tenant to obtain quality legal advice before entry into a lease to ensure that the lease does not contain onerous clauses.
2In reviewing a lease, it is important to consider the rental amount, whether any rent free period or other lease incentive is documented, the term of the lease, whether there is an option period to extend the lease, what the premises can be used for, whether premises can be sub-leased, how rent will increase and any make good requirements on termination.
3The majority of landlords require security in the form of a bank guarantee and, where a limited liability company is the tenant, a personal guarantee. Personal guarantees can be risky and this is best avoided.
4The legal requirements around retail leasing vary from state to state, so it’s important that you work with a lawyer who has experience nationally.
5Take the time to obtain quality legal advice and ensure you understand all the rights and obligations contained in the lease before you enter into any lease.