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
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.
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.
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.
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.
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).
