Commercial Leasing FAQ – Possession

Fitzpatricks - 04/05/2020

Iโ€™m leasing a property โ€“ when can I have possession? Prior to handing over the premises to the Lessee, Fitzpatricks Commercial requires a copy of the signed lease, payment of the holding deposit, security deposit and lease preparation fee (where applicable). Fitzpatricks Commercial also requires a copy of the insurance certificate of currency in relation to Public Liability Insurance (minimum $20m) and Plate Glass insurance …

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Commercial Leasing FAQ – Other Fees

Fitzpatricks - 04/05/2020

What other fees are involved in leasing a commercial property? In a commercial lease situation, the Lessee is generally required to pay lease preparation costs and costs associated with searches (eg: credit or company check). In a retail lease situation, the Lessee is not able to be charged a lease preparation fee.   Generally, the Lessee is also required to pay their own utility services …

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Commercial Leasing FAQ – Holding Deposit / Security Deposit

Fitzpatricks - 04/05/2020

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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