Farm Table says:
Documenting a lease agreement provides an opportunity for the lessor and lessee to discuss, clarify and agree on factors to avoid misunderstandings or incorrect assumptions.
Drawing up a lease agreement enables an opportunity for the lessor and lessee to clearly articulate and agree on key factors surrounding the lease. This will help to avoid future conflict and misunderstanding.
This fact sheet provides guidance for both parties, including:
- Details of land and improvements subject to lease, term of lease, lease rate and associated costs, payment terms, property access and inspection, maintenance and repairs, insurance and dispute resolution.
The checklist can be taken to a solicitor to draw up a lease agreement. It is important the agreement is signed by both parties.