A bank guarantee is a promise from a bank or lending institution that, if a borrower defaults on repayment of a loan, the bank will cover the loss to the landlord, whereas a bond is a deposit to keep a property in its original condition.
Common phrases and definitions for commercial leasing
An explanation of common terminology, phrases and concepts surrounding leasing.
The Lease Term is the amount of time both parties commit to the Lease agreement.
Property agents and landlords are working on behalf of owners, although these businesses may also offer tenant representation they will benefit from both fees paid by you and commission made selling and leasing properties for owners creating a conflict of interest in some cases. Here at Tenant Leasing Group we work solely in the interest …
Land use zones are tools used to guide and manage the current and future use of land. Land zoning looks to locate common users close together such as putting houses near shops, and parks near schools. We can help you establish where you can and can't run your business, and we'll provide research at every …
Base Rent is the the minimum amount paid by the tenant set out in the lease.
Leases are usually written contractual agreements, and they can be pretty lengthy and beefy especially, for commercial uses. It is a lease administrators job to oversee what goes into them, meticulously editing and communicating quickly with stakeholders helps to minimise legal and financial risks.
A renewal option is a written agreement that states the tenant can choose to stay on and sign another lease when the initial period is over.
A "make good" just means that you the tenant are obliged to return the property to its original state at the end of your lease, within reason. The cost is equivalent to any work that needs to take place.
Tenant representation is when an industry professional works on behalf of someone entering a lease, and supports the tenant throughout the leasing process. Here at Tenant Leasing Group we specialise in working with a range of business and non-business clients to fulfill retail, commercial, industrial, and other property needs. Get in touch.