The Retail Leases Act 1994 contains a number of rules that both the Landlord and Tenant must comply with. If they don’t, privileges are often granted to the other party, depending on whether you are the Landlord or the Tenant. Such privileges may include:
- Having extra time added to your lease
- Being given the opportunity to end the lease early
- Compelling the landlord or tenant to accept the other’s figure in a rent review
- Losing the opportunity to exercise your option to renew
Many Landlords, Tenants, Agents and even Solicitors are not fully aware of these provisions. In most cases, if you fail to comply with the letter of the law, then the other party to the transaction gets a free pass. They relate to things like the documents that must be given to the other party, and time limits.
Although all these rights and privileges are bestowed by legislation, not everyone can make use of them. And being aware of them is crucial to exercising your rights. No one is going to remind you, especially not the other party in the transaction.
For more assistance in relation to the practice and procedure on Retail Leasing, have a look at our practice guide: The Leasing Practice Manual NSW.