Commercial Lease Application Form Nsw
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The lease will need to be in registrable form. If the lease is more than three years, the lessor should lodge the lease at Land Registry Services within three months after the tenant returns the signed lease to the landlord or their agent. The tenant usually pays the lease registration fee.
In NSW, only leases with a term of 3 years or less are provided statutory protection under the relevant land titles legislation. This means that a lease of a term greater than 3 years (including any options to renew) should be registered in order to gain statutory protection and a registered interest on the title.
Once the landlord's consent has been obtained, the tenant and assignee can enter into a deed of assignment to transfer the lease to the assignee. If the lease is registered at the Land Registry the assignee will then need to register the assignment at the Land Registry.
Commercial leases are contracts between landlords and business owners for renting property owned by the landlord. Many businesses choose to enter into a commercial lease and rent a property to operate their business from rather than purchasing a property.
Lease preparation The lessor must pay the full cost of preparing the lease, including any mortgagee consent fees. However, if the lessee asks for changes after the signed Lessee's Disclosure Statement has been returned to the lessor, the lessee may be required to pay for those amendments.