What is a retail lease in NSW?
In New South Wales (NSW), a shop that is less than 1,000 square metres in size, sells and supplies goods and services and is a retail business is covered by the Retail Leases Act 1994 (the Act). The lease needs to be for six months and less than 25 years.
Does a retail lease need to be registered NSW?
Retail leases with a lease period of more than three years, including any option period, must be registered. A lease of less than three years can be registered if the parties agree. If a lease is registered it will show up in property searches.
What is a retail lease agreement?
A retail lease is a legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years.
What is the difference between a commercial lease and a retail lease?
Commercial leases are leases which usually apply to premises used for warehousing, industrial or office spaces. A retail lease applies to premises which are used for the selling of goods such as a restaurant.
Who is responsible for registering a commercial lease?
Leases for more than seven years must be registered with the Land Registry, and it’s usually the tenant’s responsibility to complete that registration. If they fail to do so within two months of completion, it is not a valid legal lease and only takes effect as an agreement for a lease (a contract).
What happens if commercial lease is not registered?
It is the tenant’s responsibility to complete the registration. Failure to register the lease within the relevant time period may mean that: the tenant will not have a legal interest in the property and the lease will only take effect as a personal contract between the original landlord and the tenant.
What should be included in a business lease agreement?
At a minimum, the lease agreement should include the property address , amount of rent , and duration of the lease with an effective start date. It should also include any other costs that the tenant and landlord will be responsible for. Leases need to be signed by both the landlord and the tenant.
How do I make a shop agreement?
Following are the steps you need to take to ensure that your lease is legally valid.
- Prepare and verify the contents of the contract.
- Print the verified document on stamp paper of recommended value.
- Place the names and signatures of landlord, tenant and witnesses in designated places.
Who pays for a retail lease NSW?
Under the Act, the landlord pays the full cost of preparing the lease, including the mortgagee consent fee. If the landlord asks for these fees, write to them and refer to sections 3 and 14 of the Act.
What is included in the WA (Western Australian) lease agreement document?
Includes the WA (Western Australian) Lease Agreement (doc) template, WA Disclosure statement, Sample disclosure statement and Retail lease, Easy to follow help guide, Getting Started document and Friendly customer support.
What is a retail lease agreement kit?
Our Retail Lease Agreement kits are just the ticket to get you started and guide you to a successful retail tenancy. When a landlord (the lessor) offers retail shop premises to a tenant (the lessee) s/he needs more than just a handshake to comply with the retail tenancy laws.
What types of leases are there in New South Wales?
There are three main types of leases used in New South Wales – residential tenancy agreements, commercial leases and retail leases.
What is the law on retail tenancy in Australia?
The retail tenancy law is very clear in most Australian states: A landlord in a retail lease must not, in connection with the lease, engage in conduct that that is misleading or deceptive to a tenant or guarantor. A party who suffers damage by reason of misleading or deceptive conduct of another party may make a claim for compensation.