Author: Michael Whitaker

When you enter into your commercial lease, you will be signing up to various obligations for repair, maintenance, and decorations during the term. Some of these can be extremely onerous and many tenants will overlook these obligations during the term and only start to think about them once the lease is coming to an end or if they are thinking of leaving at a break point. By this time the liabilities could have grown and leave you having to deal with a large, unexpected amount to pay at the end of your lease.

The onus is on the buyer to identify any issues with the property that they are seeking to acquire, before proceeding with the acquisition. If the buyer fails to do so, then – subject to very limited exceptions – the buyer will take on responsibility for any related liabilities post-acquisition.