Whether you are a Landlord or a Tenant, being properly advised on your rights and obligations in a retail or commercial lease prior to signing could be the difference between a smooth transaction and tenancy, or one fraught with problems from the start.
Retail and commercial leases differ in both the procedure of their signing and the protections afforded to tenants throughout the term. Whether a lease is retail or commercial depends on the use of the premises. On the Gold Coast and throughout both Queensland and New South Wales, there is legislation to follow in this determination, with a specified set of uses being mandated as retail, and the remainder are commercial. Generally, retail leases are more onerous on both parties in the amount of paperwork.
An additional obligation on landlords prior to entering a retail lease is a formal Disclosure Document that must be carefully prepared. This document is binding on the landlord and contains a summary of the commercial terms of the retail lease, such as the amount of rent, outgoings, and any other money payable by the tenant.
All leasing transactions must be forward thinking, and so should your advisors, there could be serious legal and financial consequences to both landlords and tenants if the terms of a lease are breached. If you are ever accused of breaching your retail or commercial leases, you should seek professional legal advice without delay.
Prior to entering any lease, retail or commercial, CJM Lawyers, conveniently located in Tweed Shire and on the Gold Coast, will provide you with a comprehensive breakdown of the information that any landlord or tenant needs to know. Being aware of your rights and obligations from the outset will allow you to properly plan your business and avoid unexpected problems down the track, problems for which you could pay dearly.
Ask to speak with one of our experienced lawyers for assistance with your commercial leases on the Gold Coast today.
