Commercial Rent Review Letter Template
Notice and counter notice of rent review brief.
Commercial rent review letter template. The standard documents for practical law property together with their accompanying drafting notes are listed below. In this case the lease would begin on january 1 20xx and the landlord could write off the free months rent. To keep up with fair market rent you may want to raise a tenants rent to keep up with other rental prices in the area. The tenant would occupy the space for 12 months and the lease would run for 12 months.
What happens if you miss a rent review. This is a sample letter used to inform one of the parties that the rent review has been referred to a third party. Leases can be confusing technical documents which require careful drafting and interpretation. The main purpose of a rent review is to adjust the tenants rent to the current market level in order to protect the landlord against inflation.
A landlord decides to increase the rent due to different reason like an increase in property taxes or inflation. Here are some five facts about raising a yearly tenants rent and a sample letter to review. This rent review memorandum should be used to document the new rent that is agreed after a rent review. If the lease agreement is still active you may choose to send a letter out 60 days in advance to remind your tenant that their lease is soon to end the rent rate will be increased and that a new lease will need to be signed to continue.
The most common form of commercial lease provides that the date of a rent review will lapse if more than three months passes after the date stipulated in the lease. This letter is for general guidance only. Carla candles cc have been occupying unit 10 in the shopping centre on a lease since 1998. In summary the lease to be valued at rent review time is a hypothetical lease identical to the existing lease so that the rent will be calculated on the same basis as the existing lease.
For a rent deferral letter published by the british property federation and hogan lovells which allows landlords to defer rent from small and medium sized enterprises affected by the august 2011. Benefits of increasing a tenants rent. You must read the lease and are strongly advised to take legal advice if this letternotice is being served in accordance with specific terms of the lease.
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