Retail and Business Tenancies – Obligations of Landlord and Tenant
Useful for: Business
In Brief
- Retail Tenancies Legislation applies to tenancy agreements whether the agreement is a lease or a licence.
- There are a number of obligations that must be adhered to before the parties have reached agreement on the terms of the lease and the tenant has moved in. These include obligations on the landlord to provide the tenant with a copy of the lease well in advance of it being required to sign, and to provide the tenant with a disclosure statement that sets out all the fine details of the tenancy – the commercial terms that the tenant will be agreeing to and in particular, the amounts (or estimates of amounts) that will be payable by the tenant apart from the rent. Sometimes the tenant must also give the landlord a disclosure statement in return.
- Tenants must be offered a minimum 5 year term of the lease.
- Leases or Licenses that fall under the legislation should always be drafted by a lawyer, and tenants should always take independent legal advice on the terms, because the legislation affects or changes many of the terms one would expect to see in an ordinary general law commercial lease. The legislation differs from jurisdiction to jurisdiction so it is important that advice be received from a lawyer practising in the State or Territory where the premises is situated.
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