Lessor’s disclosure obligation to prospective lessee
21B Lessor’s disclosure obligation to prospective lessee
At least 7 days before a prospective lessee of a retail shop enters into a retail shop lease (the prescribed disclosure date), the lessor must give the prospective lessee—
a draft of the lease; and
a disclosure statement.
However, for the purposes of complying with subsection (1) in relation to a disclosure statement, it is sufficient if, after the prescribed disclosure date but before the prospective lessee enters into the lease—
the lessor gives the prospective lessee the disclosure statement; and
the prospective lessee gives the lessor—
a waiver notice; and
unless the prospective lessee is a major lessee—a legal advice report for the lease under section 22D which states the lawyer has given the prospective lessee advice about the legal meaning and effect of the waiver.
Also, this section does not apply to a renewal of a retail shop lease under an option.
In this section—
waiver notice, for a prospective retail shop lease, means a written notice signed by the prospective lessee stating that the prospective lessee agrees to waive the lessor’s obligation to give a disclosure statement for the lease by the prescribed disclosure date.
This Act’s bill:Explanatory memorandum
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