Category: Commercial Real Estate
The lease should state who is responsible for arranging and paying for buildings insurance. With most leases, the landlord arranges and pays for buildings insurance but then passes on the costs (or an appropriate proportion, in shared premises) either as part of the service charge or as a separately itemised charge.
Category: Commercial Real Estate
In most cases, tenants are responsible for obtaining their own commercial property insurance. This property insurance should usually cover: The tenant’s portion of the building. This should include things such as structural walls and fixtures within your area Your company’s inventory Your company’s assets such as furnishings Computer equipment
Category: Commercial Real Estate
As a commercial landlord you have a legal duty of care to any commercial tenants who lease your property. By law, you are liable to ensure that all electrics installed within the property pose no risk to a tenant’s health and safety.
Category: Commercial Real Estate
A lease is a binding contract which will involve significant obligations- think in terms of how much rent will be paid over the lease term. As with any contract or other legal document, it’s a good idea to have your layer review the lease before you sign it.
Category: Commercial Real Estate
Outgoings on a commercial lease are the additional costs to rent included in the commercial lease agreement that tenants are required to pay. Outgoings of a commercial lease can include maintenance costs of the property, council and water rates, strata fees, and insurance.
Category: Commercial Real Estate
A commercial landlord is responsible for all the fixtures and fittings they own and these must be safely installed and maintained properly. The tenant is responsible for the safety and maintenance of any fixtures and fittings they have installed, and that should be clear in the lease.
Category: Commercial Real Estate
It is common practice that the tenant in a commercial lease pays both: its own outgoings (e.g. telephone, electricity and gas); and. the landlord’s outgoings (e.g. rates, taxes and levies).
