Many people may have entered into a lease or tenancy agreement for residential premises before,however it is almost inevitable that every business purchased is conducted from leased premises.

A lease gives the business owner an exclusive right to occupy the premises and operate the business from that premises.Needless to say, it is important to consult your solicitor before you enter into a lease to ensure that everything agreed to is contained or stated in the leasestate how the lease can be terminated and what happens on termination.The most common types of leases businesses enter into are for:

>> Office space

>> A retail outlet, including shop and restaurant

>> Warehouse including factory

A lease should:

1. describe the premises which the business is to occupy

2. state who pays for any fitout

3. state the commencement date, the termination date and any option period

4. state the annual rental, outgoings and provide for rental review

5. state the permitted use of the premises

6. state if a security bond or guarantee is required

7. state the rights and obligations of the tenant and the landlord

8. state the requirements for insurance

9. state whether the lease can be assigned or transferred

10. state who pays for repairs and maintenance of the premises and the equipment

11. state how the lease can be terminated and what happens on termination

12. state the hours of trading

however it is almost inevitable that every business purchased is conducted from leased premises.

A lease gives the business owner an exclusive right to occupy the premises and operate the business from that premises.state the commencement date, the termination date and any option periodstate the annual rental, outgoings and provide for rental reviewstate who pays for repairs and maintenance of the premises and the equipmentstate the rights and obligations of the tenant and the landlordNeedless to say, state the annual rental, outgoings and provide for rental reviewit is important to consult your solicitor before you enter into a lease to ensure that everything agreed to is contained or stated in the lease. Should you require legal advice in this area please call LAC Lawyers Pty. Ltd.