Leasing off-the-plan in Sydney can be a tricky, complex and risky exercise. Proper advice should be obtained early on to ensure you understand and are comfortable with the terms of such an agreement and that your interests are protected.
Off-the-plan leasing is a promise to lease an area or premises once it has been built. That is, construction of the premises either hasn’t started or is still ongoing when you sign the contract to lease, but after construction is complete, you can occupy the space. Just like off-the-plan purchasing, it is important to anticipate and cover all potential scenarios to ensure that the terms and conditions reflect the numerous variables that leasing off-the-plan in Sydney can entail.
When leasing off-the-plan in Sydney you will receive two documents: an Agreement to Lease as well as the proposed lease.
The Agreement to Lease relates to the work the landlord needs to complete in order for you to be able to move in and occupy the premises.
An Agreement to Lease will contain a whole raft of terms. They generally include:
As the tenant, you should take particular note of certain factors in such agreements, such as:
The lease itself sets out all of the commercial terms between you and the landlord. To learn more about what you should be aware of before entering into a lease, please refer to our leasing page.
Leasing a property off-the-plan in Sydney can be a clever way to keep your property costs down and have a say in the construction of your premises. It can also be a complex process for tenants, since the lease must cover all the hypotheticals.
Gavel & Page lawyers are highly experienced in all types of off-the-plan transactions, including leases. We can provide clear, thorough and affordable advice to you before you enter into a contract. Speak with our legal team today to find out how we can help.
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