BoxRec

i know that a 3x3 would mean a 3 year lease with a 3 year option to extend. but what does that extra 3 mean?

As far as I can make out it is a commercial lease that gives the tenant an option to take out a third three year lease. If you are considering something like this it would be a good idea to speak to a solicitor. A solicitor will usually only charge you if he takes some legal action on your behalf, which could be a simple as writing a letter. Advice only is usually free.

Brute wrote:As far as I can make out it is a commercial lease that gives the tenant an option to take out a third three year lease. If you are considering something like this it would be a good idea to speak to a solicitor. A solicitor will usually only charge you if he takes some legal action on your behalf, which could be a simple as writing a letter. Advice only is usually free.

yeah i guess its a 3 year lease, and when that expires u get the option to renew for 3 years, and then when that second option expires you get the option to sign another 3 year lease.
it prob benefits the landlord more i suppose

It is a 3 year lease with 2 x 3 year options

A solicitor WILL NOT give you advice for free. The majority of a solicitor's work is giving advice and they expect to be paid accordingly.

Depending on if it is a commercial or a retail lease you may want legal advice before signing it and you can get that from a local solicitor for about $180.00

adamheight wrote:

Brute wrote:As far as I can make out it is a commercial lease that gives the tenant an option to take out a third three year lease. If you are considering something like this it would be a good idea to speak to a solicitor. A solicitor will usually only charge you if he takes some legal action on your behalf, which could be a simple as writing a letter. Advice only is usually free.

yeah i guess its a 3 year lease, and when that expires u get the option to renew for 3 years, and then when that second option expires you get the option to sign another 3 year lease.
it prob benefits the landlord more i suppose

It benifits the Tenant more because the tenant is the one with the option to renew or not. Usually the landlord will want a market review done at commencement of the option period but if you are the tenant then you should ask for the landlord to provide you with a notice of the market rent before you decide if you want to exercise your option to renew (yoou need to have that reflected in the lease). If you are in Qld, which I remember you saying you are, and it is a retail lease, don't worry to much because it will be covered by the retail leases act which is very protective of tenants anyway.

dan h wrote:

adamheight wrote:

Brute wrote:As far as I can make out it is a commercial lease that gives the tenant an option to take out a third three year lease. If you are considering something like this it would be a good idea to speak to a solicitor. A solicitor will usually only charge you if he takes some legal action on your behalf, which could be a simple as writing a letter. Advice only is usually free.

yeah i guess its a 3 year lease, and when that expires u get the option to renew for 3 years, and then when that second option expires you get the option to sign another 3 year lease.
it prob benefits the landlord more i suppose

It benifits the Tenant more because the tenant is the one with the option to renew or not. Usually the landlord will want a market review done at commencement of the option period but if you are the tenant then you should ask for the landlord to provide you with a notice of the market rent before you decide if you want to exercise your option to renew (yoou need to have that reflected in the lease). If you are in Qld, which I remember you saying you are, and it is a retail lease, don't worry to much because it will be covered by the retail leases act which is very protective of tenants anyway.

A bit of real estate work in the past mate :??

Haha, you could say that mate. BUt more like alot of preoperty work in the present.