All Topics / Creative Investing / My first DIY Commercial Lease

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  • Profile photo of mathewc73mathewc73
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    @mathewc73
    Join Date: 2005
    Post Count: 241
    January 17, 2006 - 11:07 pm

    Hi Forum,
    I recently purchased some office suites in the Melb CBD and I am now very close to signing up a tenant. Sofar we have only talked about basic lease terms and what will be done with the space.

    I was wondering, are there resources out there that can help step me through setting up and completing a commercial lease? Something like a DIY?

    I took a quick squiz at REIV and it looks like I may need to be a member to get access to forms, etc?

    Any tips, assistance, links would be greatly appreciated!

    Oh, as its 2nd floor it is also governed by the retail leases act.

    Thankyou in advance,
    Mat

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 19, 2006 - 2:20 am

    It could be very dangerous in doing your own lease – unless you are a lawyer.

    You may get some important point wrong, or leave something out which could cost you dearly down the track.

    Terryw
    Discover Home Loans
    Parramatta
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    Profile photo of DazzlingDazzling
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    @dazzling
    Join Date: 2005
    Post Count: 1,150
    January 19, 2006 - 3:38 am

    Matt,

    If this is your first lease and first CIP, I’d recommend you pay for some assistance.

    As Terry pointed out, you don’t want to stuff it up. The document will govern your relationship with the Lessee, and you want to make sure you cover yourself, and receive everything that you are entitled to.

    On your first go around, I’d suggest it was false economy to try and do it yourself. Pay to have it done professionally, and you shall have a magnificent blueprint for future deals to work from, knowing full well from your first that it is a document that works well.

    Profile photo of mathewc73mathewc73
    Participant
    @mathewc73
    Join Date: 2005
    Post Count: 241
    January 19, 2006 - 3:55 am

    Thanks Terry and Dazzling for your comments.

    I have been working with the potential lessee for the last 2 months and we have a good working relationship.

    Would the solicitor know the full end to end process? Or should I work with a commercial leasing agent?

    Thanks
    Mat

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