Essential terms of a commercial lease
October 9, 2024
A commercial lease is a contract that details the rights and obligations of a tenant and landlord. So, what are the necessary terms of a commercial lease?
Coleman Greig provides practical, commercially focused advice and can assist with the full range of issues that can arise in commercial property transactions.
Our proven expertise includes managing and negotiating leases, acquisitions, sales, preparing contracts, refinancing and property development.
Coleman Greig can also assist with commercial, industrial and retail leasing, property disputes, liquor licensing and strata title.
We regularly work with government departments and agencies, private companies, multinational subsidiaries, national retailers, both major and smaller property developers and utility companies.
A commercial lease is a contract that details the rights and obligations of a tenant and landlord. So, what are the necessary terms of a commercial lease?
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The opportunity to purchase an established business promises a future of freedom and financial gain.
Leasing premises is a major investment decision, whether you are a landlord or a tenant.
Every business needs to carefully manage its cash flow on an ongoing basis.
A specialist attorney in wills and estates aims to devise and implement successful strategies that allow individuals to pass wealth and other entities to their heirs legally and as tax-efficiently as possible. They are expert at recognising and addressing any potential issues before any further action is taken. Some of the services a premium lawyer for wills and estate will provide include:
Some of the services that any commercial property law firm will provide include assistance with the following:
Sales and acquisitions
Leasing
Planning and development
Construction
Property Management
Dispute resolution
Absolutely. Coleman Greig has a proud record of success in all aspects of commercial property insurance law, and our team of experts will have your back every step of the way.
The sheer number and complexity of documents required for any commercial property transaction in Australia can be overwhelming. However, they are the perfect opportunity to engage the services of experienced commercial property law solicitors like those at Coleman Greig. Some of the primary documents required include:
The most critical document surrounding any commercial property transaction, the contract of sale meticulously outlines the exact terms and conditions, including purchase price, agreed deposit, and the date when final settlement will be completed.
Each commercial property must have a certificate of title and other documents relating to its ownership history. A title search will be performed to confirm ownership and highlight encumbrances (claims or restrictions imposed by outside parties, including mortgages, easements, liens, restrictive covenants, existing leases, and zoning/planning restrictions.)
These state the property’s zoning classification and highlight any planning approvals or restrictions that must be adhered to.
Independent evaluations highlighting defects, structural issues, or pest infestations.
Official inspections identify any issues with contamination or other hazards.
Properties still subject to a lease agreement require copies and details of any legal arrangements with the tenants.
These include records of rent payments, operating expenses, and any other financial information relevant to the property’s income and expenses.
Official surveys accurately establish the property’s physical characteristics, boundaries, and any encroachment issues.
Insurance for the property must be provided that details any prior incidents or claims.
These include, but may not be limited to, building code compliance certificates, fire safety provisions, and others
All commercial property sellers must disclose details of known property issues or defects.
Outlining the final settlement, including any adjustments for taxes, rates, and other costs.
As you can see, the list is exhaustive, and any missing documentation can seriously hamper progress in commercial property transactions. Having a commercial and property law expert from Coleman Greig to provide assistance, advice, and guidance is priceless.
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