Commercial Lease Documents
If you are planning on investing in commercial property, or buying commercial property, it is important that you are aware of any and all current leases connected with the property.
In this video John Gallagher from Argon Law reminds commercial property buyers and investors how to make sure they are getting a complete picture of the current lease arrangements.
Prior to buying or investing in a commercial property it is important to see all documentation related to the lease to ensure you know the agreement. Check if there have been updates or amendments to the commercial lease, as each such event will create a new document. For all lease documents, be sure you hold clean, signed and ideally, registered copies of each such document.
You will also want to be confident of the current rent. Make sure you have all evidence needed to satisfy yourself about the current rent, including correspondence regarding the most recent annual rent review.
It is also important to check if the lease is regulated by retail shop lease legislation. This can be the case, even when the tenant is not a retailer. But if the lease is regulated by retail shop legislation you will also want to review copies of disclosure statements given by the current owner to the tenant in accordance with the retail shop lease legislation.
Checking all the ins and outs of a commercial lease can be complex, but not paying due attention to this matter can leave your commercial property investment with complications and difficulties down the track.
View Youtube channel youtube.com/ArgonLawMaroochydore