Leasing Premises For A Business
A lease is a legally binding contract that gives you particular rights to a property for a set term. If you have found the perfect premises for your business, you will be given a letter of offer or intention from the letting agent.
You should never sign a letter of offer, intention or lease without understanding all of the terms and conditions. We recommend that you have a solicitor go over the documents in order to protect and secure your interests and minimise any potential litigation or disputes that could arise should you not understand what you are agreeing to.
Retail Shop Leases Act 1994
Special types of leases are governed by the Retail Shop Leases Act 1994 (Qld). Broadly, a Retail Shop Lease is a lease of premises by a business that is classified as a Retail Shop or those which are within a retail shopping centre.
If you intend to lease a retail shop it is important that you are aware of the provisions of this Act as it specifically deals with issues such as timing requirements, turnover rent, rent reviews and promotional levies.
Terms of the lease
Your lease should contain all essential terms of the agreement including the property, landlord and tenant, lease period, options to renew, mechanics of payment, obligation to pay outgoings and much more. The terms of a lease are negotiable so it is important that you have your solicitor check the lease before you sign to ensure that the terms included are suitable to your needs.
At Briese Lawyers we can offer legal advice regarding Commercial, Residential and Retail Shop Leases, assist you with your disclosure requirements under the Retail Shop Leases Act including provision of the Legal Advice Certificate and assist you with the requirements for registration of your lease with the Titles Office.
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This fact sheet is provided as a general guide only and should not be used or relied upon by any person without obtaining legal advice in relation to their own circumstances.