Parking Space Lease

What is a Parking Space Lease?

This Parking Space Lease can be used to rent a parking space. It creates an agreement between the owner of the property (the "Provider") and the organisation or person(s) who wish to rent out the parking space (the "Renter"), allowing that organisation or person(s) to use the parking space, in accordance with the terms of the agreement.

What is the difference between a parking space lease agreement and a commercial lease agreement?

Although both documents deal with a renting arrangement, they serve different purposes. This Parking Space Lease deals with an empty parking space. It does not usually include any building or structure.

On the other hand, our Commercial Lease Agreement (Non-Retail) can be used to rent a commercial building (such as a warehouse).

Is it mandatory to have a Parking Space Lease?

No, but it is strongly advised, to clarify the terms of the rental and to protect the interests of both parties.

What is a Security Deposit?

This is a sum of money paid by the renter to the provider of the parking space. This can be used to cover any damage caused by the renter. If the renter does not cause any damage then it usually needs to be returned to them at the end of the rental period.

Who can enter into a Parking Space Lease?

Both the Provider and the Renter can be either a company or an individual person.

What can be the duration of a Parking Space Lease?

The parties are free to agree on a timeframe that suits them. Many parking space leases operate on a month-to-month basis.

What has to be done once a Parking Space Lease is ready?

The document should be carefully read by all parties. Then, it should be signed by all parties and dated, and each party should be given a signed copy for their records.

On the date set out in the agreement as the commencement date, the person(s) renting the parking space may then start to use it in accordance with the agreement.

What must a Parking Space Lease include?

This document should include:

• Full name of both parties: the full legal name for both the renter and the provider of the parking space.
• Contact information: for both parties such as phone and email.
• Identifying information for the parking space(s): this should clearly identify the relevant space(s).
• Relevant dates: such as the commencement date and the end date.
• Applicable fees: including how much the renter needs to pay, how frequently, and how it should be paid.
• Liabilities: such as who is responsible for damage.
• Renter obligations: for matters such as nuisance or storage of flammable materials.

There is also the option to include some additional information, such as:

• Security deposit: including the amount of the deposit, and details regarding how it may be used.
• Vehicle details: for example, if only specified vehicles may use the space.
• Time restrictions: where the parking space may only be used during certain times.

Which laws apply to a Parking Space Lease?

The agreement is governed by the principles of general contract law, as provided by the common law.

In some cities of Australia, such as Sydney, Melbourne, or Perth, local laws may impose a parking levy or a congestion levy. These levies are intended to discourage motorists from parking in these areas, in order to reduce traffic congestion. In some cases, exemptions may apply - such as for residential spaces or loading zones.

In addition, if the parking space is being rented by a business, to an individual consumer, then the Australian Consumer Law which is set out in the Competition and Consumer Act 2010 (Commonwealth), may also be relevant.

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