Common phrases and definitions in Commercial Leasing

An explanation of common terminology, phrases and concepts surrounding leasing.

What is a Bank Guarantee? Is it different to a bond?

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.

What is zoning?

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 …

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What is Lease Administration?

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.

What is a "renewal option"?

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.

What is a "make good"? How much will it cost me?

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.

What is a Tenant Representation service?

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.

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