REIWA Commercial Rental Agreement: An Overview
The Real Estate Institute of Western Australia (REIWA) has been serving the property industry since 1918. One of the services they provide is the creation of commercial rental agreements, approved by the Real Estate and Business Agents Supervisory Board and compliant with the Commercial Tenancy (Retail Shops) Agreements Act 1985.
What is a commercial rental agreement?
A commercial rental agreement is a legally binding document that sets out the terms and conditions between a landlord and tenant for renting a commercial property. This agreement can cover different types of properties such as offices, warehouses, retail shops, and industrial buildings.
Why is it important to have a commercial rental agreement?
A commercial rental agreement helps to protect both the landlord and tenant by ensuring that the expectations and obligations of both parties are clearly outlined. It minimizes the risk of disputes and provides a reference point for resolving any misunderstandings that may arise during the rental period.
Features of a REIWA commercial rental agreement
The REIWA commercial rental agreement includes the following:
1. Description of the premises
This section of the agreement describes the property that is being rented, including its location, size, and any special features.
2. Term of the tenancy
This section of the agreement sets out the start and end date of the tenancy.
3. Rent and other payments
This section outlines the rent amount and how it should be paid. It also includes details on any other payments that the tenant is responsible for, such as utility bills, maintenance costs, and taxes.
4. Permitted use of the premises
This section specifies what the tenant is allowed to do with the property and any restrictions that are in place.
5. Maintenance and repairs
This section outlines the responsibilities of both the landlord and tenant for maintaining the property and making any necessary repairs.
This section sets out the conditions for terminating the tenancy, including any notice periods and the circumstances in which the landlord can terminate the agreement.
A REIWA commercial rental agreement is an essential document for any landlord looking to rent out their commercial property. It provides a clear framework for the landlord and tenant to operate within and can help prevent disputes from arising. If you are a landlord or tenant looking to rent a commercial property, it is important to have a properly drafted rental agreement in place to protect your interests.