Leases govern the legal interaction between landlord and tenant and set out the rights and responsibilities of each party for the duration of the lease term. It is essential that it is understood and managed efficiently to ensure that the relative positions of both parties are preserved.
The first step in undertaking any new lease contract is to read, understand and summarise the lease document into a format which captures the essence of all terms and conditions and ensures our clients have a full understanding of exactly what it is that they are committing to. This review must be completed prior to signing anything. There are also many critical dates and obligations to uphold in a lease and if these are missed or ignored, it can significantly undermine the tenant’s position and their security.
The best time to fully understand what is in a lease, is before signing it. A little advice early could save a lot of pain and expense later.
Typical lease management tasks include:
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