5 ESSENTIAL PARTS OF A COMMON PROPERTY LEASE OR LICENSE

You would need a common license or lease if you would like to use part of the common property to install your solar panels or personal effect such as your business signage on the common property. Have you ever wondered what should be included in a common lease or license? Even if you're not a lawyer, it is important to understand their components. Let's have a look at five of them.

1. Lease or licensed area based on a plan of subdivision. Having the lease or licensed area specified based on a plan of subdivision is absolutely important so that it is clear what is being leased or licensed.

2. The term or period of the common lease or license. This is the length of time or the life of the lease or license. It must be clear to both parties the one who is either leasing or licensing and the Strata community who is actually leasing or lice ...