Accurate lease information

A disclosure statement is a document that the landlord must give a tenant when entering into or renewing a lease. It outlines essential lease information, so the tenant can understand, at a glance, the key elements of the lease.

It may include, for example:

  • the term, or duration of the lease
  • whether there are options for further terms
  • the occupancy costs for leasing the premises (including rent and any outgoings)
  • specific information for shopping centre leases
  • tenant’s fit-out requirements
  • if there are any relocation or demolition clauses

Types of disclosure statements

There are four different types of disclosure statements used, depending on the circumstances. These disclosure statements can be found in the Retail Leases Regulations 2013. To access the individual disclosure statement schedule, click on the appropriate link below.

Ensure you use the disclosure statement form that is most relevant to your situation.

If a disclosure statement is misleading, false or incomplete the tenant can take action that may result in the termination of a lease.

Timings

Depending on the type of retail lease, different sections in the Retail Leases Act 2003 state that a landlord must adhere to the following timings:

  • Signing a new lease. A landlord must provide a disclosure statement to the tenant at least seven days before the signing of a new lease.
  • Exercising an option. If a tenant exercises an option to renew a lease, or has the right to do so, the landlord must provide a copy of the schedule 3 disclosure statement to the tenant at least 21 days before the end of the current term of the lease.
  • Agreement to renew a lease. If the landlord and tenant agree to renew the lease, the landlord must provide a copy of the schedule 3 disclosure statement to the tenant within 14 days of the parties having agreed to renew the lease.

Further reading

Getting started

You can speak to someone in person by calling us on 13 VSBC (13 8722) or emailing us.

Relevant legislation: Retail Leases Act 2003

 

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