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An Agreement to Lease contains the basic information agreed on by the Landlord and Tenant.  It would usually include the term of the lease, the amount of rent and brief description of premises.

The formal Deed of Lease is a more comprehensive document that is prepared in accordance with the terms and conditions of the Agreement to Lease.

An Agreement to Lease cannot be assigned to third parties. This means that if a Deed of Lease is not signed after the Agreement to Lease, the Tenant is locked into the full term of the Lease and cannot find someone else to take over.

A Landlord and Tenant should always have a Lawyer review an Agreement to Lease or Deed of Lease before they are signed, to ensure that they understand any risks involved. 

Commercial tenants generally also have to pay outgoings or operating expenses (Opex) in addition to the rent.

Opex can include things like rates, insurance, and body corporate fees.

Commercial tenants may also be liable for reinstatement costs at the end of the lease.

As landlord, you may be entitled to cancel the lease, find another tenant and sue the defaulting tenant (and any guarantors) for the lost rental.

It is critical that you contact us early if your tenant defaults so that we can discuss all of your options with you to ensure that a bad situation doesn't get any worse.