Hope you all can help, I've googled myself silly but can't find ANYTHING!!
Feeling so stupid right now.
I've applied for two commercial rental properties, it all sounds logical and I thought I knew what it meant but now I'm confused by people saying different things.
Can someone clear up what a lease term of 2x2x2 is please?
I was under the impression you are signing essentially a 2 year lease, and you have the option after two years to get out of the lease, or sign on for another two years.
They also have the option to boot you out after two years, or sign you on for another two.
But now I've been told I'm signing on for 6 years and it's up to them what they want to do each two years, I have no say but to stick it out for 6 years?
Ahh so confused.
First commercial rental so hoping someone can explain this to me in 'I don't understand real estate terms' english haha
Cheers guys
Trish
That should mean
2 Year lease with 2 year option, followed by another 2 year option. Its a 6 year lease if it is not optional.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
That should mean
2 Year lease with 2 year option, followed by another 2 year option. Its a 6 year lease if it is not optional.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Alternatively do you a 6 year lease with a break clause allowing you to exit at yrs 2 or 4?
Generally speaking though it is a 2 year lease with agreement to extend on the same terms for another 2 yrs + 2 more if you choose exercise the option at the appropriate time.
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