New Commercial Lease - The Heads of Terms
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2nd July 2013
Many business transactions involve a leased property, and
often this will involve the grant of a new lease to the buyer.
The main lease terms that are agreed between the parties
should be recorded in a document called the Heads of Terms.
Some of the key points that must be covered by the Heads of
Terms are listed as follows:
- Details of the landlord and the tenant.
- The term (duration) of the lease.
- The Rent amount.
- Any rent free period (if any).
- The Rent Deposit amount (if any).
- Insuring and repairing obligations.
- Service charge calculation/ apportionment.
- The Permitted Use of the property.
- Rules on Alterations at the property.
- Break Options available to the landlord and/or the tenant.
- The Rent Review provisions.
- The landlord's Forfeiture provisions (if any).
- Payment of the legal fees involved in the transaction.
- Details of the legal representatives for each of the
If you're interested in buying or selling a business,
or you require assistance with a commercial lease
transaction, and would like to find out more, please contact
Inam Ali on firstname.lastname@example.org.
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Article Published/Sorted/Amended on Scopulus 2013-07-30 09:03:15 in Legal Articles