July 2013
Real Estate - Restoration Clauses
Published on Thursday, 11 July 2013 09:27:11
Written by Marc
Don’t forget the restoration clauses. Read them c-a-r-e-f-u-l-l-y.
Leasing 101. Question: what is a restoration clause?
Answer: - it’s a clause in a lease that tells you what you will need to restore at the end of the lease. Fair enough, a restoration clause is normally a clause in a lease that will inform the tenant what are his obligations at the end of the lease. Technically this would be a simple but sound definition.
So, if it’s so simple, we can assume that all tenants read the clause and take appropriate action for when the time comes, any cost associated with the clause is already known and provisioned as part of their lease management. Yes?
