What are the Key Terms in a Disclosure Statement?

Landlords are required to provide retail tenants with a disclosure statement.
A disclosure statement presents an overview of the key commercial terms of the lease and discloses the possible operating expenses which a tenant pays in addition to rent. For instance, a tenant’s make good obligations at the end of the lease. Retail leasing legislation regulates the terms a statement must include, and so they vary from state to state.
We break down what landlords should include in a disclosure statement in each state and territory.
New South Wales
Legislation | Key Disclosure Items |
---|---|
Retail Leases Act 1994 (NSW) |
|
Victoria
Legislation | Key Disclosure Items |
---|---|
The Retail Leases Act 2003 |
|
Queensland
State | Key Disclosure Items |
---|---|
Retail Shop Leases Act 1994 (QLD) |
|
Tasmania
State | Key Disclosure Items |
---|---|
Fair Trading (Code of Practice for Retail Tenancies) Regulations 1998 |
|
Western Australia
State | Key Disclosure Items |
---|---|
Commercial Tenancy (Retail Shops) Agreements Act 1985 |
|
Australian Capital Territory
State | Key Disclosure Items |
---|---|
Leases (Commercial and Retail) Act 2001 |
|
Northern Territory
State | Key Disclosure Items |
---|---|
Business Tenancies (Fair Dealings) Act 2003 |
|
South Australia
State | Key Disclosure Items |
---|---|
Retail and Commercial Leases Act 1995 |
|
Key Takeaways
A disclosure statement provides a ‘snapshot’ of the lease so the tenant can decide whether they want to proceed with the transaction. Landlords should ensure they provide tenants with a disclosure statement setting out key terms of the proposed lease. If you have any questions or need assistance drafting your lease agreement and disclosure statement, get in touch with our specialist commercial leasing team on 1300 544 755.
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