Will the rent increase over the period of the lease? It depends what is negotiated and what is in the lease. Most leases have either fixed rate or CPI increases each year and market reviews are common upon exercising an option for a further lease period. We are happy to explain these processes to you at any stage.
Continue reading
Are there penalties for overdue/late rent? If the lease agreement allows, interest may be charges on overdue monies. This will be clearly stated in your lease agreement.
Continue reading
When should rent be paid? Most commercial leases require rent to be paid monthly in advance on the anniversary of the commencement date. Most leases also allow for interest to be charged by the lessor if rent falls more than 14 days behind. Fitzpatricks Commercial will email a monthly tenant invoice which states the rent period, amount due and date due.
Continue reading
What does my Insurance Certificate of Currency need to include? We ask that the following be noted on the Certificate of Currency: Certificate of Currency must include the following details: Situation of risk – this is the address of the property as per your lease agreement, Party Insured – this is the lessee as per your lease agreement, Interested party – the lessor as per …
Continue reading
Do I have to take out public liability insurance? Common in most commercial leases and when leasing through Fitzpatricks Commercial, all tenants are required to hold a minimum $20 million dollar public liability insurance policy. Depending on the premises you may also be required to also hold a plate glass insurance policy.
Continue reading