Scrutinise the Heads of Terms.
Heads of Terms set out the agreement in principle between you and your prospective landlord. Although they can have legal consequences and need to be drafted with care, they are not usually intended to be legally binding.
They usually first appear once a number of prospective tenants have viewed a property and made an offer. When the landlord has reached his decision on the basis of each applicant’s proposed status and use, and accepted a rent offer, the successful applicant should be notified and advised in writing of the main Heads of Terms
The Heads of Terms are usually issued by the landlord’s commercial property agent and should be circulated to your commercial agent and lawyer for comments.
Once the Heads of Terms have been agreed, the status of the property should change to “under offer” and it should no longer be marketed. The “under offer” status is required to remain in place until completion of the lease.
Among the clauses you may be advised to try to include in the Heads of Terms is an exclusivity agreement, which aims to ensure that the landlord negotiates solely with you for a period of time. In this way you are given some protection if another party steps in and tries to outbid you.
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