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New Retail Lease Disclosure Statement
Posted: 31/03/2011
A new form of dislosure statement affecting retail leases in Victoria, NSW and QLD came into effect on 1 January 2011.
The new disclosure statement has replaced current prescribed disclosure statements in Victoria, NSW and QLD.
In summary, the new disclosure statement was introduced to:
(a) impose additional disclosure obligations on landlords; and
(b) ensure tenants are better informed of their rights and obligations under a tenancy agreement and are able to make more informed decisions about their lease.
The new disclosure requirements impose a greater burden on landlords to provide relevant disclosures to tenants.
Landlords must be careful to ensure that they comply with all of their disclosure requirements contained in the new form of disclosure statement given that tenants may have recourse to terminate a lease if information in a disclosure statement is misleading, false or materially incomplete.
Please contact one of our retail leasing specialists if you have any further queries in this regard.
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