Commercial Property Heads of Terms
Usually when a commercial property is marketed for letting, the landlord will take the lead in negotiations and will draw up heads of terms once a letting has been agreed in principle.
However, in some cases the tenant may wish to take the initiative. The template heads of terms in this folder can be used by tenants as a basis for reaching agreement with a proposed landlord on the main terms of the letting.
Tenants may find themselves taking charge of negotiations if the landlord is inexperienced in property transactions or if the letting has not been agreed on the open market. In addition, a tenant that occupies a large number of properties, for example, a chain of shops, may have adopted a standard set of heads of terms that it likes to use for all transactions. Aiming for uniformity in all its leases will help a tenant to meet its obligations to its various landlords.