A retail or commercial lease is a legally binding contract between a landlord and a tenant of a retail shop that allows the tenant to use the landlord’s asset (property) in return for rental payments.
While leases can be complex and difficult to understand, it is essential for both parties to have a thorough understanding of the terms and conditions before making a commitment.
It is equally as important that both parties understand their rights and obligations in relation to the lease to be able to deal with any disputes that may arise.
Unfortunately, disputes can arise between tenants and landlords. To resolve these disputes cost-effectively and with as little damage to the relationship as possible, those involved must be logical and clear about the facts.
In many cases, having a well-written lease or other associated documents can set out what both parties agreed to, and help determine the correct action to be taken.
It may be in both parties’ best interests to seek financial and/or legal advice before making a commitment to buy, lease, or incur other obligations, signing an offer to lease, making a payment of any deposit or occupying the leased premises.