What does IRI stand for in property?

IRI stands for an Internal Repairing Insuring lease where the tenant will have a narrower liability for maintenance, decorations, repairs and insurance confined to the internal parts of the property occupied by him/her.

What does an FRI lease mean?

full repairing and insuring lease
Related Content. A full repairing and insuring lease. A lease where the costs of all repairs and insurance are borne by the tenant notwithstanding that: The landlord will almost invariably take out the insurance itself; and.

What is Fri in property?

Also known as an FRI lease. A full repairing lease means that the tenant is responsible for the cost of all the repairs and upkeep of the property and also the cost of buildings insurance.

What is an effective FRI lease?

Full repairing means the tenant is responsible for all repairs and decoration to the property, inside and out. Effective FRI means that the tenant is not directly responsible for all repairs, etc but the landlord is able to recover the cost of repairs, etc to the common structure from the tenant.

What’s the difference between an IRI and Fri lease?

What are the differences between an FRI lease and an IRI lease? FRI stands for a Full Repairing and Insuring lease where the tenant has responsibility for all external and internal maintenance, decorations and repairs as well as the liability for insuring the building. Under an FRI lease the landlord has no repairing or insuring liability.

What does IRI stand for in real estate?

IRI stands for an Internal Repairing Insuring lease where the tenant will have a narrower liability for maintenance, decorations, repairs and insurance confined to the internal parts of the property occupied by him/her.

What is an IRI ( internal repairing and insuring ) lease?

What is an IRI (internal repairing and insuring) lease? As your landlord, we are responsible for looking after the outside of your building and you look after the inside.

When do I need to apply for an IRI lease?

IRI leases are normally granted where buildings are in multiple occupation and tenants often have similar repairing liabilities etc for the part of the building occupied by them. You are strongly advised to seek professional advice before committing yourself to any liability.