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QLD Personal assets and liabilities to landlord?

Discussion in 'Commercial Law Forum' started by Beccyrose, 31 May 2015.

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  1. Beccyrose

    Beccyrose Member

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    Hi We are opening a business and taking a lease out, we provided the assets and liabilities for our business but the landlord is now asking for your joint statements of all assets and liabilities for the both of us including copies of our latest bank statements confirming cash held at bank and details of our house and any mortgage liabilities to our bankers. Do I have to give him this personal information?
     
  2. Sophea

    Sophea Well-Known Member

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    Short answer is no. Obviously he wants some kind of assurance of your ability to pay your way under the lease. Perhaps you could negotiate some other form of security which you are both comfortable providing.
     
  3. Tim W

    Tim W Lawyer

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    I agree with @Sophea - he's worried about you not paying (and maybe never being able to pay) the rent.

    You may find that landlords of major shopping centres can be somewhat more invasive than other commercial landlords.

    Sometimes, banks can provide a thing called a "Letter of Comfort".
    This is less than a guarantee, but worth more than your word alone.
    Perhaps make an appointment with the Business Lending Manager of your bank
    and see if that's an option.
     
    Sophea likes this.

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