Negotiating a commercial lease involves more than reaching an agreement on the rent. A Lease is a long term commitment between the Landlord and the Tenant. A well-negotiated and well-drawn Lease helps to build a good relationship between the parties from the beginning, reduces the likelihood of disputes down the track, and can add value to a business. Read here for more.
Melbourne real estate agents have recently been penalised for false and misleading representations in residential property sales. Agents have underquoted prospective buyers about the expected selling price of properties. Changes to the Estate Agents Act 1980 (Vic) have introduced new obligations for agents to prevent underquoting. Furthermore, an underquoting taskforce has recently been established by Consumer Affairs Victoria to investigate instances of underquoting. It is important for agents to be aware of their legal obligations to avoid underquoting and the consequences of breaching the Act.
We recommend that trust deeds be carefully reviewed prior to purchasing a property in order to ensure that you are fully aware of your tax obligations. Disclosures to the SRO need to be made up front, where appropriate. If you think that you may have inadvertently breached your reporting obligations, we recommend that you seek immediate legal advice.
Unfortunately, stories regarding dysfunctional Owners Corporations are becoming more and more common. A dysfunctional Owners Corporation can result in a litany of problems, from untidy gardens and unpainted walls, all the way through to damaged common property (or even apartments or townhouses) that just never seem to get fixed.
When giving any form of notice under the contract of sale of real estate, it is best to serve the notices on the contracting party itself, with a courtesy copy to any 'agent'. Or, alternately, ensure that any 'agent' you are dealing with has the express authority from the vendor or purchaser to receive notices. Read here for more information.
Unfortunately, there is no easy definition of what a Court would consider to be unconscionable conduct in a Lease. Instead, s.77 and s.78 of the Act set out various factors to be considered when assessing a party's conduct. Read here for more information.
When engaging a builder to build you a new home or even renovate your existing home, there are generally two common issues which you as the owner may face when entering into building contracts. The first is that of delay by the builder and the second is that of defective building works.
In a lease, security deposits are funds provided by a Tenant (in one transaction or multiple transactions) and held by the Landlord or Landlord's agent, as security for performance of a number of Tenant obligations pursuant to the lease e.g. in the event the Tenant fails to pay rent or fails to comply with their "make good" obligations upon vacating the property, then the security deposit covers part of the loss a Landlord may suffer.
Over the past few years, there have been conflicting views on whether a Landlord or a Tenant was responsible for the expense of essential safety measures ('ESM') in rented premises. Landlords contended that the Tenant should reimburse or pay these costs as an outgoing like any other. On the other hand, Tenants contended that the Building Regulations made it a Landlord's responsibility to ensure that premises were ESM compliant at the Landlord's expense.
There is always a fine line between the expected 'sales pitch' and a genuine representation or promise to get a Tenant over the line. Care needs to be taken when offering incentives to a Tenant and it is in the interests of both parties that all terms that are intended to be binding are included within the written Lease and are clear as to their effect.
As a Landlord, be aware of what you or your agents are saying and showing to a Tenant. Always ensure that you have reasonable grounds to make those representations. In order to be effective, any legal disclaimer needs to be prominent, specific to the circumstance and a clear part of the overall picture of the premises being represented to a prospective Tenant.
