Before you enter a Lease - 8 Tips
I would like to share with you some of my practical tips for both Landlords and Tenants that should be completed before entering into a Lease:
Do a Title Search - Who is the owner of the land and is there a mortgage. If there is a mortgage get the banks consent to the Lease.
If one of more of the parties is a company - do a Company Search and identify the officers of the company.
Verify each parties identity.
Take the time to work out whether the Lease is subject to retail legislation. The relevant legislation may import terms into the Lease which can alter the agreement between the parties.
If security is being taken for the Lease (for example cash security deposit or bank guarantee) make sure this is provided before the Tenant takes possession of the property.
Take note of all relevant dates, including when the Tenant can exercise any option to renew.
Check the make-good requirements carefully.
Register any security.
The contents of this publication is for reference purposes only. This blog post does not constitute legal advice and should not be relied upon. If you require legal advice please contact Sarah Ward at Aitken Partners on (03) 8600 6056.