There are numerous of things to think about regarding commercial and retail leases. Make it a habit that you are well informed at all times.
A lot of people fail to understand the complexity of a commercial lease and how easily it can be associated with many issues. In contrast to residential leases, commercial leases can have many dubious implications that may become a problem in the future.
Make sure that you are updated on the legalities of retail leases.
The Retail Leases Act 1994 of New South Wales has gone through some important modifications that impact on the negotiation and drafting of leases for retail businesses.
Retail leases are different from commercial leases and are under a different set of laws. It is important to seek professional advice from an expert conveyancer to make sure that your rights and obligations are protected during the course of the lease, regardless if you are the lessee or the lessor of a retail property.
A business property lease—otherwise known as a commercial lease—is a contract that legally binds a business owner and the owner of the property. The said contract is usually more complex than residential leases because the leasing documents for a business property lease requires heavy customisation depending on the property involved.
In light of this, the leasing terms and conditions must be reviewed with a sharp eye to make sure that both the business owner and the owner of the property benefit fairly from the leasing document.
A commercial lease grants the lessee with the right to exclusive possession and the right to use the property to run a business. Moreover, there are several kinds of leases available to businesses, usually depending on their classification—be it retail or commercial.
With that said, the two classifications have many things in common while also having many legal differences to consider as well. There will be different requirements with regard to the length of the lease and the fees to be paid thereafter.
The criteria that will be taken into account, documented, and negotiated between the property owner and business owner are as follows:
There is a unique set of rules that govern retail leases. Regardless of you being a retail landlord or tenant, it is in your best interest to seek the help of a terms and conditions lawyer or a commercial lawyer to ensure that your rights and obligations are made clear and properly documented to avoid any issues in the future.
A retail lease can be affected by significant changes in the Act, such as:
Regardless of you being a commercial or retail lessor or lessee, the commercial law experts at Executive Law Group can always provide you with the assistance you need in dealing with retail and commercial leases.
Prior to entering a lease, it is in your best interest to seek the expert help of an experienced commercial lawyer. Moving forward without legal consultation may have a negative impact on the future of your business.
Our Sydney-based team of commercial lawyers can help you with:
