Commercial lease agreements are a key component of property management and business housing, however both tenants and owners can overlook the significance of their lease often to their detriment. This can lead to lost income and missed opportunities which could be easily avoided through careful consideration of lease terms and the guidance of a property professional. For landlords, seeking professional representation for the management of your property is always the safest option to ensure that all procedures are being carried out correctly. Upon inspection of the lease terms it was found that in fact the rent had been under increased for the past 4 years, resulting in a total loss of income of $20,000. This was due to a misinterpretation of the lease wording that stated two options for calculating a rent increase, depending on other factors at the time. It is often easy to overlook such terms which as illustrated above can affect the bottom line of your investment. When negotiating the terms of a lease business owners can often lose sight of their obligations in the long term and get caught up with the immediate implications of their tenancy. We were appointed to advise on the matter and a determination was made that the rental increase was in fact valid, due to a specific clause lost in a sea of wording within the document. This was an unfortunate discovery for the tenant which could have been avoided. Some business owners find that although they believe they have taken precautions with their lease, there are still clauses that property professionals are best at clarifying in relation to market bench marks at the time. In a recent appointment we were representing a business owner in finding a retail premises to lease. The clients’ solicitor had given the okay for the lease to be signed; however upon analysis we found that relocation and demolition clauses were present.
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Tags: Commercial, Property
