ByLawyers News and Updates

Retail and commercial leases – SA

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Important changes to the Retail and Commercial Leases Act 1995 and accompanying Regulations came into effect on 1 July 2020.

The By Lawyers Leases (SA) Publication – including the commentary and relevant precedents – has been updated accordingly.

The changes include:

  • A copy of the proposed retail shop lease is to be provided by a lessor to the prospective lessee as soon as negotiations are entered into. The particulars of the lessee, the rent and the term of lease are not required to be completed at this time. Failure to comply may result in a penalty of up to $8,000. The landlord or person acting on behalf of the landlord must also provide the prospective lessee with a copy of the Small Business Commissioner’s information brochure ‘Retail & Commercial Leasing Guide’. Failure to comply may result in a penalty of up to $800.
  • Before a retail shop lease is entered into, the lessor must give the lessee a signed disclosure statement. Failure to comply may result in a penalty of up to $8,000.
  • A lessee must, within 14 days of being served with the disclosure statement, return a signed acknowledgement of the disclosure statement to the lessor.
  • It is possible for a retail shop lease to move in and out of the scope of the Retail and Commercial Leases Act 1995. The Act does not apply to leases where the annual rent exceeds the threshold prescribed by the Act, currently $400,000 exclusive of GST. This applies irrespective of whether the Act applied to the lease at the time it was entered into or renewed.

These provisions are not applicable to retail and commercial leases that were entered into before the commencement of the Retail and Commercial Leases (Miscellaneous) Amendment Act 2019, being 1 July 2020, or in the exercise of any right or option conferred by a lease that was entered into before this date.

See the Leases (SA) Publication for further information.

Sale by agent – Conveyancing – TAS

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A new precedent letter for the circumstances of a sale by agent has been added to the Purchase matter plan in the By Lawyers Conveyancing (TAS) publication.

The ‘Initial letter to purchaser – Sale by agent’ is intended to be used in circumstances where, by the time the lawyer is instructed, the contract has already been exchanged by the estate agent and is binding on the parties.

The letter covers pertinent details such as finance, insurance, transfer duty and the settlement process.

This new letter was added as a result of a request from a subscriber in Hobart.

We value and encourage user feedback, so don’t hesitate to get in touch. We love to hear suggestions from our subscribers about how to enhance our content.

Conveyancing – GST withholding – Letter to client

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GST withholding obligations for purchasers of new residential properties and some vacant land commenced on 1 July 2018.

The commentaries in all By Lawyers Conveyancing Guides – Sale and Purchase, for each state, have previously been amended to deal with the new GST withholding requirements. See the commentaries for details of when the new provisions apply.

Now included in the precedents for both Sale and Purchase is a new ‘Letter to client regarding GST withholding payment’ which explains to clients the new requirements and outlines for them the procedures involved in complying, whether they are a vendor or a purchaser.

This helpful precedent allows you to quickly and correctly advise the client on this important new development in conveyancing procedure, where applicable.

 

Conveyancing VIC

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Conveyancing

FEBRUARY 

  • Commentary updated to include a discussion of priority notices which were introduced in Victoria in late 2016.

JANUARY 

  • Additions to the commentary to discuss caveats and special conditions concerning the conduct of auctions.
OCTOBER
  • Commentary update regarding Land Tax Regulations 2015 and notices of dispossession of land no longer required by SRO.
  • Commentary added discussing valid clearance certificates for foreign residents.
  • Costs Agreement
    • Clause added on payment of fees when purchaser not proceeding.
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Included reference to time limit for bringing costs assessment, total estimate of legal costs section with provision for variables, and authority to receive money into trust.
AUGUST 
  • Sale of Real Property – commentary updated to include discussion on bringing co-ownership arrangements to an end via partitioning.
  • Sale and Purchase of Real Property commentaries – further content on Foreign Resident Capital Gains Withholding Payments added
  • Purchase of Real Property – major restructure to ensure commentary follows the natural progression of a typical purchase.
MAY
  • Included foreign resident capital gains withholding payments when over $2 million to all necessary precedents, commentaries and contracts.
APRIL 
  • New precedent added – General advice to purchasers.
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

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