Wishing you a Happy Leap Day for tomorrow! Traditionally the day
for women to issue marriage proposals, 29 February may also have an
unexpected consequence for buyers and sellers of commercial
properties when they work out their completion statements.
The Standard Commercial Property Conditions are a set of
standard conditions which are incorporated (to a greater or lesser
extent) into most commercial sale contracts. Under the Standard
Conditions, when instalments of annual sums, such as rent, are
apportioned the buyer is attributed with an amount equal to 1/365th
of the annual sum for each day. This is true whether there are 365
days or 366 days in the year.For the number of days in a year to
make a significant difference the rent has to be fairly high, which
is probably why the Standard Conditions don't attempt to
distinguish between normal years and leap years. However it is not
inconceivable that the anomaly could have a noticeable impact for
high income producing
