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Alex (LegalVision)
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Hi Murraya!

It’s definitely a good idea for you to get the lease in writing. Although verbal agreements are legally binding, if it comes to a dispute or disagreement down the track it is in both parties’ favour to be clear on all of the terms and conditions regarding the lease agreement.

There is also certain State-specific legislation regarding retail leases, such as the minimum time limit of 5 years (including options to renew) in Victoria.

Since your tenant has already moved in I would say that you are in pretty urgent need of drafting a lease agreement. At LegalVision we draft and review commercial/retail lease agreements on a fixed-fee basis and since we’re based online our overhead costs are low and we transfer that saving onto our clients – https://legalvision.com.au/need-lease-agreement/. If you’re wanting to save money but still want to protect yourself with a quality lease agreement then our service seems the right fit for you!

Give us a quick call sometime today for a free consultation or check out our website articles for more information on retail leases https://legalvision.com.au/leasing-loans/drafting-commercial-lease/ . We also have some free documents if you still want to DIY :)

Feel free to get in touch via email if you have any more questions!