Tenants Obligations Under Commercial Property LeasesWhen you manage commercial or retail property it is vital to understand the lease for each and every tenant and property. All leases are potentially different and on that basis they have to be checked. The ability to read a lease and interpret the obligations into accurate facts is important.
A good software program will help you with the checking process given that all critical dates and lease clauses can be diarised into the software. As the lease progresses, the dates and notes are then raised at the right time.
As to how many tenants and commercial properties a property manager can successfully manage is really reliant on the work generated from a property. For example, retail property is far more time intense and demanding than office or industrial property.
When you review the leases for a property there are many issues to look at; on that basis a checklist should be prepared for use on all your properties. It then makes the lease review process much easier and far more accurate.
Here are some key factors to look for in a lease audit or review by the property manager.
The start of the lease and the start of the rent may be separate dates. Make sure you know exactly what is going on here. The correct rent must be reflected on the invoice charges to the tenant.
Lease incentives may have been given at the start of the lease. Look for them in the lease document and how they are applied to the tenancy. A rent free period will need allowances made in the monthly rent invoice; how you do that will be subject to the financial protocols required by the landlord that you act for.
Lease options for additional terms of occupancy may exist and they can have very specific dates on which they are actioned. Look for the dates and enter them into the lease administration software.
Rent reviews in leases can be calculated in differing ways and at different times. The lease will explain this so find the rent review clause and extract the detail.
Make good provisions of occupancy will apply at the end of the lease. This usually means that the tenant has specific things to do at the end of the lease and by the lease end date. Find the clause in the lease that explains the requirements.
Outgoings are those things that the tenant will have to pay in addition to the rental on the property. As to how those payments and charges are made will be detailed in the lease document; it could be that the recovery of outgoings occurs during the year or at the end of the year. Check this out and be prepared for it.
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