A lease is a special contract between the lessor (the landlord) and the lessee (the tenant), to use property.
There is no such thing as a “standard lease” so every landlord and tenant should ensure that their lease meets their particular requirements.
An unsuitable lease can leave a tenant in financial peril or a landlord with an unsaleable property. On the other hand a good lease can add value to your business or your land.
Landlords need to ensure that your their lease contains the right clauses to protect their interests and give them practical solutions in the event a tenant defaults.
At Chidiac Legal, we act and advise both lessors and lessees in many industries and endeavour to reach a commercial balance between the competing interests.
If you are considering entering into a lease, it is vital that you seek legal advice before signing as the lease will usually contain detailed clauses relating to:
- Payment of rent
- Frequency of rent reviews
- Methods for determining rent reviews
- Payment of outgoings
- Requirement for security deposits
- Keeping the premises, fixtures and fittings in good repair
- Repair obligations
- Option periods and your obligations in exercising an option
- Methods for determining rent review on exercise of your option; and
- Obligations on termination and expiry of the lease.
The team at Chidiac Legal will assist with explaining your obligations and entitlements as “landlord” or “tenant” under the terms of the lease.
Please contact Richard Chidiac on (02) 9707 3888 or firstname.lastname@example.org to discuss your leasing requirements.