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.
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Do I have to pay outgoings? Each property is different. Some properties will be advertised as Net Leases where the tenant pays these outgoings while under a gross lease the lessee just pays the rental and the landlord pays the outgoings. All is negotiable at the time of entering the lease agreement.
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What are outgoings? Outgoings are costs incurred by the Lessor in relation to the premises. Outgoings can include the following: Local council rates and charges Land tax Water availability and consumption Sewer/ trade waste Insurance Owns corporation levies/ contributions Click here to read about paying for outgoings?
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Is a commercial lease different to a residential lease? Most definitely. The lease document outlines each parties obligations over the period of tenancy. We progress through the initial leasing process to prepare a detailed heads of agreement (letter of intent) so that each party is fully aware of their obligations. At all times all parties are able to seek independent legal advice and we encourage …
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Is GST applicable to this sale? GST tax liability is a detailed subject and whether GST is payable on a property sale depends upon a number of factors. These range from whether the owner is registered for GST to if the property is sold as a going concern. Consultation with the owner’s solicitor and accountant will be able to confirm these details if a contract …
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