If you have a retail property or shop that you wish to rent out in Victoria, you need to be familiar with the fundemental steps in the retail leasing agreement process. There are certain requirement that must be met in order to comply with the Retail Lease Act
You might be tempted to skip these steps and give the tenant early possession but we caution you to resist that urge for the following reasons.
A tenant obtains certain rights on taking possession, even if a formal Lease has not been signed, and these rights may contradict what you intend in the written agreement.
If you need to complete any fit-out works before the tenant takes possession, make sure you give yourself enough time to complete them before the start date of the Lease.
Follow these TWO steps
Firstly – as soon as negotiations begin, provide your prospective tenant or lessee with a blank copy of the lease agreement and a copy of the Information Brochure.
Secondly – at least 7 days before signing the lease, you must provide the prospective tenant with the completed Retail Lease Disclosure Statement and completed copy of the proposed lease.