Lease Make Good Clauses – What Does do they Mean?
It is not enough to simply vacate the lease premises if a clause imposes an obligation to make good the premises. It is important for lessees to identify what making good the premises means and what actions they need to undertake if they identify such a clause is inserted in their lease.
What is a Make Good Clause?
At the end of the lease, the lessee will have...
Selling a Unit or Townhouse? What you must Disclose to the Buyer Before Signing a Contract
When selling a unit or a townhouse a seller has an obligation to disclose to potential buyers’ body corporate information before a contract is entered into. Failing to provide the information, or providing incorrect information, risks the contract being terminated.
What information needs to be included in the Disclosure...
Paid off your Loan? Why the Bank still has an Interest on your Property
Once a loan is paid off, a property owner may think they have the only interest in the property, however this is not the case. While you can pay off your loan the mortgage does not automatically go away with the last payment. Here is what you need to do to get remove a mortgage once it has been paid off.
Difference Between Loan...
When should a Lessee Renew their Lease Option?
Leases often come with a possibility to extend the lease for a certain period of time. This is considered a lease option period and if the lessee wants to pursue extending their lease, there will be obligations and deadlines the lessee must achieve to be granted the lease extension.
Renewal Requirements
Note that a renewal...
Leasing Premises for your Business? Do you Need to Pay the Lessor’s Mortgagee Consent Fees?
There are many costs to leasing a premises, not just rent and outgoings. One of these costs may include a lessor’s mortgagee consent fee. Not only is it important for lessees to be able to identify what this cost is, but it is important that both lessors and lessees be aware it is lawful to make the lessee pay the consent fee....
Rights of a lessee tenant when negotiating a retail lease
Leasing a premises for your business can be an exciting process. However, as leases are generally drafted by lessors, the clauses are predominantly in the lessor’s favour. Nevertheless, the Retail Shop Leases Act 1994 (Qld) (“the Act”) provides lessees protection as long as the lease meets the definition of a retail shop lease. It is important that lessees are aware of their...
Lease Incentives – What are they and the Hidden Dangers
Lessors to commercial and retail leases may offer a lessee short term advantages to entice a lessee to enter into the lease. These are known as lease incentives and while they do intend to provide lessees with an easier transition into leasing a premises, they also can have hidden traps that lessees should be aware of. Lessee should understand the obligations imposed on them prior to...
Looking to Buy More than 1 Property – Beware of Transfer Duty Costs
Have you ever thought about buying two or more properties in one complex?
With ownership of property being one of the most prominent investment methods, it can be appealing to buy multiple properties to invest in. Maybe you have thought about buying two or more properties in the same unit complex. Be careful about buying multiple...