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Accessing Legal Advice

If you are facing legal problems, knowing how to access legal advice can make all the difference. We hope that this blog will provide you with an helpful source of information regarding the law and legal procedures used in court. The people who have crafted these articles are not legal experts. However, they do have a great deal of knowledge which has been gained by reading books about law, watching YouTube videos of famous cases, and communicating on online forums. The articles will look at criminal, commercial, and family law. Thank you for checking out this blog and reading what we have on offer.



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Accessing Legal Advice

How To Examine The Terms of Commercial Lease Contracts

by Leroy Duncan

Would you want to lease a commercial property? Below is a comprehensive guide on the various considerations to make when evaluating the terms of a commercial lease. 

Payment Terms

It is one of the most important conditions of the commercial lease contract. Some of your concerns should include; 

1. Deposits

Some property owners may ask you to pay a deposit followed by monthly or annual payments. This amount is refundable at the end of the lease period. It can be used to conduct repairs or cater for your rent if you default on payments. 

2. Extra Costs

Other than rent and deposit, what additional costs will you incur? For instance, you may need to pay for service charges such as water, electricity, and property maintenance fees. Are you obligated to repair the property? The landlord may ask you to conduct specific repairs, all repairs or no repairs at all. 

3. Rent-Free Period

The rent-free period is an incentive that property owners give to tenants to encourage them to rent or lease the property. Typically, the landlord will not charge rent for two or three months. It allows you to conduct renovations and get your house in order. 

Property Use

Over time, you may need to diversify or change your business. For instance, you may have initially leased the premises as office space. However, you may opt to open a restaurant or shop if your former business is no longer profitable. Check the terms of the lease to determine restrictions on what businesses you can operate. Inquire if you can sub-lease the property to other people. Protect your business by ensuring the contract has a competition clause. It ensures the landlord cannot lease the property to someone that wants to open a similar business. 

Termination of Contract

Examine the terms of contract termination. For instance, you may be bound to honour the terms of the contract for the stipulated period regardless of changing business environment. The contract should have a break clause that allows you to terminate the agreement. However, you must notify the landlord.

The lease contract may contain legal jargon that may be difficult to understand. As such, hire a conveyancer to guide you through the process. The conveyancer will ensure the contract protects your interests and that it does not expose you to future financial and legal liabilities. For long-term leases, he or she will ask for a property inspection to ensure the property is habitable. 

When examining a commercial lease, check the payment terms, approved property uses, termination of the contract clause. Preferably, work with an experienced conveyancer.