Obtain preliminary documentation

Once you've found potential premises to lease, there is a variety of documents involved in the leasing of commercial premises including:

• expression of interest document;
• offer and acceptance (for lease);
• agreement to lease;
• fit out schedule;
• contract of sale (incorporating lease terms); and
• the lease.

Additionally, under the Act, when a new retail lease is being considered, a landlord is required to give the tenant the following documents at least seven days before entering into the lease. These documents enable prospective tenants to make a proper assessment of a lease proposal.

• a Disclosure Statement Form 1
• a Tenant Guide (attached to the front of the lease) Form 4
• the proposed lease; and
• the current year's itemised operating expenses budget.

If you are considering the assignment of a retail lease (transfer from one tenant to another), you should ask the current tenant for a copy of these documents, which he or she would have received from the landlord.

You should obtain all documents and spend some time reading and understanding them so that you can clarify any matters you are unsure of with your advisors.

What's next...

• Step 4: Obtain professional advice
• Step 5: Negotiate the lease
• Step 6: Preparation of final documentation