The unifying disclosure statement was developed following the Productive Commission’s 2008 report on Australia’s retail leasing market to reduce the regulatory burden on business, particularly those landlords operating across state borders.
The new disclosure statement requires the landlord to provide detailed information about key issues affecting the tenant’s rights and obligations.
Landlords need to ensure that they are using the new disclosure statement and not completing an old form.
From an administrative point of view, centre managers and lawyers are likely to find it more difficult to collate the additional information and prepare the disclosure form correctly. This could in turn, lead to an increase in costs.
Who is the winner? Well probably prospective tenants, as they will have more information about prospective premises while the new disclosure requirements may prove more onerous for landlords to provide the additional information the law now requires them to disclose.
• Steve Brown is principal solicitor at Etienne Lawyers Parramatta, phone 02 8845 2400 to speak with him.
