Do leases automatically go month to month?
Do leases automatically go month to month?
The lease typically includes an automatic transition to month-to-month status unless the tenant or landlord provides notice of nonrenewal. The rental lease agreement typically states the amount of notice required to vacate the property, usually 30 or 60 days.
Is month to month lease safe?
The biggest advantages revolve around the flexibility that a month to month lease offers. The lease automatically renews each month, meaning you could theoretically stay there forever. The risk, though, is that the landlord can ask you to leave with as little as two weeks’ notice.
What does month to month premium mean?
Some long-term leases include a month-to-month option after the original agreement ends. The existing lease typically spells out how the month-to-month arrangement will work, such as whether the tenant will be required to pay a premium above the rent amount in the original lease.
How to lease a retail shop in Queensland?
Guidelines are being prepared and will be published here shortly to help you understand your rights and obligations under the Act and key aspects of leasing a retail shop. retail shop leases forms required under the Act.
What’s the minimum lease period for a retail shop?
For many leases covered by the Commercial Tenancy (Retail Shops) Agreements Act 1985 (CT Act), a tenant entering into a new lease for a retail shop has the right to a minimum tenancy period of up to five years. If the lease does not provide for a five year period, under the CT Act a tenant has the option to extend it (statutory option).
When did Retail Leases Act apply to NSW?
Retail Leases Act 1994 (NSW) Applies to all retail shop leases entered into after 1 August 1994. ‘Retail shop’ refers to sites used wholly or predominantly for the carrying on of a business listed in Schedule 1 of the Act. A retail shop also includes any business located in a shopping centre.
What happens if anchor tenant leaves shopping centre?
Your business may even rely on the foot traffic generated by them. If so, negotiate a clause in the lease that gives you the right to terminate the lease or receive a rent reduction if the anchor tenant leaves or if there is a reduction in the overall number of tenants within the building or shopping centre.