5 key clauses to include in a commercial lease agreement
In the commercial rental industry, there is no single Act that regulates commercial rentals and commercial lease agreements. As a result, the responsibility lies on landlords and property practitioners to make sure that they are adequately protected.
More specifically, there are 5 critical clauses that need to be included in a commercial lease to ensure maximum protection of the asset and the landlord’s property. These are:
- Additional Costs
With five core clauses in place, a lawful and equally beneficial commercial rental relationship with your tenant can be secured. For a better understanding, read the full Commercial LeasePack Update February 2023 here.
Renting out commercial space is a complex task that requires a thorough understanding of the lease agreement and all its terms. With so much at stake for the tenant’s business, it’s important for the landlord to have legally compliant documentation and access to the correct addendums and advice to suit each lease.
The TPN Commercial LeasePack offers a comprehensive solution. With over 30 documents included in the pack, it is easy for landlords to secure a successful and compliant commercial rental experience. View the latest Version Notes for updates to the pack here.
Not a LeasePack member yet? Visit the TPN Shop here.
Vacancy Survey 2023 Q3
The demand for residential rental property remains strong. Vacancies have declined nationally to 6.76% in the third quarter of 2023, the lowest since 2017. Despite a constrained economy, tenants have continued to meet their rental obligations with te…