What is the difference between a holding deposit and a security deposit? A holding deposit is used to hold the premises for the prospective tenant until a lease agreement is signed. Should the lease not proceed the Lessor may use the funds to cover costs incurred eg: legal fees. Once the lease agreement has been signed the holding deposit is allocated towards rent. A security …
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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.
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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.
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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.
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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 …
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