Small Business Commission - Facts for tenancy
- Important Facts for Tenants and Landlords
- Nov 2, 2018
- 1 min read
The Victorian Small Business Commission (VSBC) has released a new information brochure (fact sheet) Important Facts for Tenants to replace the previous information brochure on retail leases.
Under the Small Business Regulation Review program the Victorian Government announced various recommendations related to making retail leases fairer and easier to understand. This included simplifying VSBC’s information brochure and including a checklist.
The new fact sheet simplifies important information for tenants to assist them in deciding whether to enter into a lease.
A landlord or their representative must, as soon as they enter into negotiations with a person about a new lease, give that person the fact sheet and a copy of the proposed lease. It is an offence under the Retail Leases Act 2003 (the Act) not to provide these documents as required by the Act, and landlords or their representatives can be fined up to $8,000.
The Commissioner Judy O'Connell is undertaking a communications campaign to educate landlords and tenants, including a letter to commercial real estate agents in Victoria, a media strategy, social media strategy.
The VSBC will be monitoring compliance with the Act to ensure tenants are being provided with the fact sheet and a copy of the proposed lease.
The fact sheet is available on the VSBC website
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