Being a Tenant
Leasing property for your business is generally one your major expenses. It is important to make sure you know exactly what your rights and obligations are when entering into a lease. Understanding the true cost of entering a lease is more than the monthly rent you have to pay. Understanding who pays certain outgoings is critical and can quickly eat into your profits. Common traps for tenants relate to maintenance of certain landlord equipment such as heating and cooling, glass and plant equipment. Outgoings for the landlord such as management fees are now being charged to tenants in some circumstances.
Being a Landlord
Goodman Group Lawyers can assist you by undertaking a review of the lease and help you with due diligence to identify financial risks in a lease.
We can also assist you in the preparation of a commercial or retail lease. We can assist you in undertaking due diligence of investigating potential tenants and ensuring the best possible security is in place should the tenant default in their obligations under the lease. In retail leases there are further obligations about disclosing certain information to your tenant. Should this not be undertaken carefully, your tenant may be able to break their lease. This could result in your retail property being left unoccupied and not earning an income for a considerable period of time.
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