Buildings are often required for operations of business establishments, setting up business premises by individuals and for other purposes. Such requirement can be fulfilled either by constructing a building or taking it on lease. Construction of new premises is a lengthy procedure involving lots of expenditure. Lease on the other hand gives you flexibility of space, time and cost. Varied set of clients has totally different needs when it comes to acquire premises on lease. Taking the structure on lease has different rules across states. To overcome legal hurdles one should take assistance from lease advice solicitors in Sydney. Legal aspects, if finalized properly, can be beneficial both for tenant and owner.
Crucial Legal Points In Property Lease Agreement
Lease of property for a business purpose should be finalized under the guidance of lease advice solicitors Sydney to avoid any legal issues. Lease agreements generally have some important terms and conditions including:
- Period of lease and rent to be paid
- The purpose for which property can be used
- Guarantee from the bank or bond before taking precincts on lease
- Responsibility of tenants and period of extension, if agreed
These are some of the most strategic aspects of any lease agreement. All of them require equal attention to detail and drafting to avoid any future issues for lease. Most of agreements amongst the parties focus on rent, and period of lease only. However, other terms and conditions also require consideration before drafting. At times of crisis, it happens that businesses might shut down like in periods of global pandemic or epidemic, natural disasters, accidents, economic fallout, etc. These are some of the issues where one needs the assistance of commercial lawyers in Sydney. These lease advice solicitors are experts who are available to make your property lease fruitful for your business activity.
