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Commercial and retail leases typically contain a provision allowing the tenant to transfer (assign) the lease to another tenant. The need or desire to transfer the lease can arise in a number of different circumstances – most usually where the incoming tenant is purchasing from the outgoing tenant t...
What are outgoings?
Outgoings are expenses incurred by the landlord arising out of its ownership of the premises.
Typical outgoings include:
- Taxes fees and charges – e.g. Council rates, water rates, land tax
- Day to day costs – e.g. cleaning, garbage collection
- Maintenance and repair services ...
Commercial leases typically are for a fixed initial term of, say, 3 or 5 years, with an “option to renew” period of a further 3 or 5 years.  The lease document will note the specific dates within which you must exercise your option to renew the lease.  Usually the date range falls within 3 months an...
Consider this – you have entered into a contract to purchase a property, but for various reasons, the property no longer suits you.  But it will suit your parents perfectly.  So can you transfer the contract over to your parents, so that your parents are the purchasers?
Also consider this – your bu...
