The By Lawyers To do list precedent has been updated in the By Lawyers Leases (VIC) Guide to include a section on retail premises lease disclosure requirements.
New retail premises leases
At least seven days before a retail premises lease is entered into, a lessee must have been given a disclosure statement and copy of the proposed lease by the lessor. The maximum penalty for failing to comply is 50 penalty units.
Renewal of retail premises leases
On renewal of a retail lease the lessor must provide a disclosure statement to the tenant at least 21 days before the end of the current term of the lease where option to renew applies, or no later than 14 days after the entering into an agreement to renew.
Assignment of retail premises leases
If a lessee assigns a retail shop lease it is relieved from liability to pay money under the lease if it serves upon both the lessor and the assignee a copy of a disclosure statement.
Precedent update
The new section of the To Do list covers the time limits for retail lease disclosure in relation to:
- new leases;
- assignment; and
- renewal of existing leases.
Thanks
This enhancement was the result of user feedback. At By Lawyers, we pride ourselves on the cooperative and collegiate relationship we have with the firms using our commentary and precedents daily. We value the feedback that we receive as it helps us to continually improve our publications.