We advise both Lessors and Lessees in relation to all aspects of leasing arrangement, whether office, retail, or residential, including:
- Preparation and registration of new leases;
- Attending to payment of stamp duty and other regulatory requirements affecting leases;
- Extension or variation of an existing Lease;
- Assignment of existing leases;
- Termination of Lease.
We work regularly with commercial leasing agents and are well attuned to the residential and commercial leasing market across the Turks and Caicos Islands.
Statutory provisions relating to leasing in the Turks and Caicos Islands are not as broad as we see in other jurisdictions, both in the residential and commercial environment, so the Lease document becomes paramount when defining the relationship between parties. Each leasing arrangement is unique, so custom leasing contracts are for the most part used and “off the shelf” type contracts are less common.
Given that there is no single commercial lease agreement used in the market, lease agreements often favour the landlord more than the tenant, so it is important for tenants to receive thorough advice and consider all the legal and financial issues that can arise.
For tenants, before signing a commercial lease you might consider the following:
- Licenses or permits;
- Business growth which may impact the term of lease provision;
- The term of lease
- Option to purchase and lease to own arrangements;
- Physical condition of the premises and obligations in relation to repairs;
- Alterations to the property, including fit outs being attached to the property;
- Obligation to insure;
- Compliance with business licensing requirements relating to operating premises; and
- Any other matter that may be specific to your tenancy.