Retail Leasing In Australia
Before the retail leases act of 1994 was amended
, the leaser has no protection what so ever by the government. It is always the leaser which is the aggravated party in leasing transactions. But now, after it has been amended and became the Retail Leases Amendment Act 2005, the leaser is now more protected by the laws of the government. They can now have a say on how the lease should go. The landlord should also be more pro-active behavior and has more responsibilities to the leaser. This act however is not applicable to leases with more than 1000 square meter of area and leases of more than 25 years, and lease terms of less than 6 months and options for renewal is not available.The new law now dictates that landlords and leaser follow these few laws made for them:
Disclosure statements The leaser can now make a claim in cases where their landlord has deceived and mislead them and caused them damage. Furthermore, the landlords are should give the tenants a tenancy guide even before engaging in signing of contracts. A disclosure statement from the landlord should also be given seven days before contract signing. Failure on the part of the landlord to give one or giving an inaccurate statement will all lead to penalties. The leaser is also able to withhold payments until the disclosure requirement has been met.
Minimum lease period Before you can engage in lease agreements which are less than five years, the leaser must first show a certificate that the he/she has receive legal advice or a conveyancer. Otherwise, the lease must be extended to five years. The copies of the signed lease agreements must be provided for both the landlord and the leaser within 28 days. If the disclosure statement is wrong and the copies are not provided, the leaser can end the agreement.
Registration of the lease The leaser must register the lease to the department of lands. The minimum years of lease must be five years but all leases of more than three years must be registered.
Accounting of the outgoings The landlords must provide a summary of all the outgoing expenses for the leaser. one month prior to accounting period, the landlord must provide the estimate of the outgoing expenses regarding the maintenance of the place, marketing for the building, and other expenses that the leaser should pay for. If the leaser does not have to pay for the expenses, then do not include it in the estimate.
Bonds or security payment The landlord can ask for security payments from the leaser but the security money should be kept in an interest bearing account. When the security deposit is being returned to the owner, the interest and the capital must be provided and intact. A bank guarantee can also be used as a bond.
Breach of agreements Once the leaser has breached the agreements in the contract, the landlord should give them 14 days to repair the breach before the landlord takes over.
Options for renewal The option to renew the lease can be lost once it is not exercised. The condition for renewal must be included in the contract.
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