Retail lease lessor and lessee's disclosure statement
What is a Retail Leases Act Disclosure Statement?
As outlined in the Retail Leases Act 1994 (NSW), lessors (landlords) and lessees (tenants) must sign disclosure statements that are in, or to the effect of, Schedule 2 of the Act.
There are two parts to the Disclosure Statement – one that the lessor signs (Part A, known as the Lessor’s Disclosure Statement) and one that the lessee signs (Part B, known as the Lessee’s Disclosure Statement).
When do I need to sign the Disclosure Statement?
The Disclosure Statement must be signed by both parties before entering into the lease. The lessor must sign Part A at least seven days before the commencement of a new lease or renew a lease. The lessee must sign Part B within seven days after receiving the signed Part A from the lessor.