Delay to implementation of the new Disclosure Statement
The Small Business Commissioner announced recently that it anticipates that the new disclosure statement will come into operation on 1 January 2011 rather than 1 September 2010.
I recently wrote about the proposed new landlord disclosure statement which would apply to landlords in Victoria, New South Wales and Queensland.
Following work undertaken under the direction of the Federal Small Business Ministerial Council to consider proposals for harmonisation of retail tenancy disclosure statements, a standardised retail tenancy disclosure statement has been developed for landlords in Victoria, New South Wales and Queensland.
The aim of the new disclosure statement is to assist in better informing tenants of their rights and obligations under a lease and to assist in informed decision-making.
It was initially thought that the disclosure requirements would change from 1 September 2010, however it is now anticipated that the standardised disclosure statement will be in place by 1 January 2011, once the Retail Leases Regulations 2003 are amended.
For more detailed information about the changes view my initial article here.
Contact one of our Commercial Property lawyers if you have any questions regarding implementation of the disclosure statement.
Author: Evelyn Marcou