When does a lease become a legally binding contract (WCPT413) – 1 Point

Description

This is a 1 point session aimed at commercial and retail agents.

The session is focussed on answering the much misunderstood question and its possible answers.

When does a retail lease become a legally binding contract?
(a) Any time an agreement is reached
(b) Upon acceptance of the Offer
(c) Upon the applicant signing the Disclosure Statement
(d) Upon the signing of the lease
(e) When the premises are available

The session looks at:

• • The definition of a lease under CTA
  • Comparison to regular commercial lease
  • Risks when discussing with prospective tenants
  • Other forms of initial documentation
    • Heads of Agreement
    • Letters of Intent
    • Lease proposal
    • Memorandum of Understanding
  • Purpose of ‘Agreement for Lease’