Retail disclosure statement nsw

The statement must be in writing and the landlord must give it to you at least seven days before the retail lease begins. Carefully read the lessor’s disclosure statement. The disclosure statement is a document that a landlord has to provide you as the incoming tenant of retail premises. It provides a summary of the major commercial terms of the lease.

You should review your disclosure statement carefully before entering into a lease. What is a disclosure statement?

DS means disclosure statement. NSW CAT means the Civil and Administrative Tribunal of NSW. QCAT means Queensland Civil and Administrative Tribunal. RSC means retail shopping centre. RTC means retail tenancy claim.

RTD means retail tenancy dispute. SAT means State Administrative Tribunal. SBC means Small Business Commissioner. Disclosure Statement.

This statement sets out important facts about the shop and the lease. Automatic language translation. Our website uses an automatic service to translate our content into different languages. These translations should be used as a guide only.

When should the disclosure statement be given? A disclosure statement contains important information to help you decide whether you want to (and can afford to) lease the premises for your business. At least seven days before a retail shop lease is entered into, a lessee must have been given a disclosure statement by the lessor. The maximum penalty for failing to comply is penalty units.

If the disclosure statement is not given, is incomplete, or contains information that is materially false or misleading, the lessee may terminate the lease by notice in writing at any time within six months. Retail Leasing disclosure obligations. When leasing commercial property, it is important for tenants and landlords to understand the relationship they are entering and the rights and obligations they have.

A commercial lease is classified as a ‘retail lease’ if it falls within the Act’s definition. Many Australian state governments have expanded their concept of consumer protection to include small business consumers who are bargaining on a playing field that is far from level, against owners of big shopping centres. The lessee may be liable to a penalty for an offence under that Act if the lessee’s disclosure statement is not provided.

Previously, the disclosure statement in schedule simply referred to a 12-month perio and landlords generally provided estimates based on their accounting periods. It is important that you understand this information and what it means for you. Because the lessor’s disclosure statement need only include information relevant to the lease, if the retail shop is not in a retail shopping centre the disclosure statement need not include information that is relevant only to shops in retail shopping centres.

The licensee may be liable to a penalty for an offence under the Act.

The content is prescribed by the Act, and several forms are available. Ask detailed questions about the impact on your business of any expected development of the building or shopping centre, if the landlord’s disclosure statement only covers it in broad terms. Changes affecting dispute resolution The NSW Civil and Administrative Tribunal currently can adjudicate a retail lease dispute for claims up to $400but this change will increase it to $75000.

The lessor must give the lessee a written statement (an advertising statement ) that details all expenditure relating exclusively to the building or centre in which the retail shop is located by the lessor in each accounting period of the lessor during the term of the lease on account of advertising or promotion costs to which the lessee is required to contribute under the lease.