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The Auckland District Law Society commercial lease has been revised. The latest revision will be known as the Sixth Edition 2012 and was released on 5 November 2012. Of note is the provision for the landlord’s fixtures and fittings to be listed and for the inclusion, as set out in the Fifth Schedule, of a ‘premises condition report‘.
A premises condition report can be instigated by a landlord or a tenant depending on the circumstances. Prior to entering into a lease agreement, the landlord’s or the tenant’s surveyor produces a written and photographic report describing the condition of the premises as at the lease commencement date. The premises condition report can also serve as an ‘asset register’ thereby listing the landlord’s fixtures and fittings.
There is real proven value in a properly documented premises condition report. This will greatly reduce uncertainty and the potential for expensive legal argument over the tenant’s removal and reinstatement obligations at the termination of the lease. A poorly prepared report, lacking the required detail, may not be worth the paper that it is written on.