Rectification is a discretionary remedy available to a party in instances where the executed lease has failed to record the common intention that the parties held prior to executing a lease.
A party seeking rectification must be able to show to the court, “convincing proof” that the written terms of the lease have failed to reflect the common intention of the parties held during negotiation of the lease.
Property development can by a tricky business if you don’t do your homework from the outset.
A recent article in “The Age” dealt with situations where the reserve price of a property was higher than the advertising had suggested. This is a recurring issue for real estate agents.
Recent legislation covering renewable energy and other environmental issues has imposed new obligations and resultant costs on landlords in relation to retail centres.