Commercial Lease Offers/Contracts

Commercial Lease Offers/Contracts

This article will cover commercial lease offers and contracts in Reapit Sales.

The Commercial Lease Offers and Contracts tab provides the ability to record Offers/Contracts against Commercial Lease listings and progress these through 'Conditional' Contract > 'Unconditional' > 'Settled'; capturing Key Dates, Agreed Deposit & Agreed Gross Leasing Commission (similar to sales listings).

1. Search for your Property and open the property card
2. Open the Offers/Contracts Tab

3. Enter the Offer Details - Offer Date, Offer Price, Select the Tenant/Lessee & Tenant/Lessee Solicitor (ensuring you select add).
4. Complete Inclusions and Special Conditions if applicable

Refer to How to add offer special conditions and Contract Conditions - System Config for further information.

5. Click Add.

6. To accept one of the offers made via the offers/contracts tab, click on the Offer Accepted button in the bottom left corner.

• You will be prompted to enter the accepted date and confirm the accepted offer price.
• Only one offer can be accepted at once.

*Note: You may add multiple offers against a Listing Card but can only accept one offer to proceed with.

7. Convert the offer to a contract by clicking Under Contract and fill out the mandatory information

• Once an offer has been converted to a contract it cannot be deleted. You will need to mark the contract has fallen over in order to re-list or sell the property to another party.

*Note: This step may be skipped if the property had no cooling-off period or no conditions existed upon signing - simply click Unconditional instead of under contract.

Under Contract

---

Unconditional

---

*Note: Everything above the red line if for internal reporting, anything below the red line is for the portals.

8. Confirm the Contract Date, Unconditional Date & Expected Settlements Date, Price, Lease Start and End Dates.

• The deposit can be entered as a % or flat fee
• Commission can be entered inc or excl GST, as a %, flat fee or custom % amount

9. Portals Status: Select if you want the property status to be Available or Leased.
10. When the Lease commences, return to the Offer/Contract tab and update its status to Settled.

Key Dates

Offer Date: Date the Commercial Leasing/Management Agreement was submitted.

Contract Date: Date the Commercial Leasing/Management Agreement is signed by all parties and becomes a legally bound contract.

Expected Unconditional Date (only if conditional): Date any special conditions to be met prior to lease are due to be finalised. E.g. Council, Finance or License Approval.

Expected Settlement Date: Expected Lease/Agreement Commencement Date.

Settlement Date: Lease/Agreement Commencement Date.