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How to complete the Lease Execution Stage

15 March 2021

Once a tenant has signed an Offer To Lease and paid a deposit (generally one month’s gross rent plus GST), the Landlord will instruct their solicitors to prepare the lease along with any associated documents that may be required, for example the Fit out and Incentive Deed, Car Parking Licence etc (if applicable).

The below points outline the general process to follow once all of the relevant documents been negotiated and the Tenant is in receipt of final executable copies.

The next steps are as follows:

 

1. Print three single sided copies of the Lease and sign the relevant pages. If the event the lessee is a limited company the leases must be signed by two (2) Directors of the company or by one (1) Director and a Company Secretary. It does not need to be signed by a witnessing officer.

2. Print two single sided copies of all other supporting documents and sign the relevant pages.

3.Return the documents to the Landlord’s solicitor’s office who will subsequently arrange execution by the Landlord.

4. Provide the original bank guarantee. The Landlord’s solicitor will generally provide a Bank Guarantee Guide which you can provide to your bank. This will generally outline the following information:

a) Landlord (Favouree) Details;

b)Tenant and Premises Details;

c) The amount of the Bank Guarantee; and,

d) Any other requirements such as where it should be delivered, and additional wording etc.

5. Deposit funds into the Landlord’s solicitor’s trust account for the lease registration fees.

6. Provide updated certificates of currency of insurance to reflect the requirements under the lease. The Landlord’s solicitor can provide an estimate of the value of any existing fit out for insurance purposes if required.

Once the above steps have been completed (to the Landlord’s satisfaction) it is reasonable to expect access will be granted for occupation of your new space.

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