Important details about real estate conveyancing
Discussions between the two peak bodies are now attempting to finalize guidelines for model lease legislation. Chief Executive Officer of the Property Council welcomed the government’s initiative to apply equitable legislation across Australia’s retail sector. The Property Council endorses the government’s commitment to convene a meeting of state and territory ministers for Small Business to facilitate the rapid introduction of harmonized retail lease legislation.

However the Property Council is seriously concerned by proposals to amend the Trade Practices Act to treat small business as though it is a consumer. This approach could diminish the requirement for small business to at least take some responsibility for their actions before entering into business contracts.

They need to receive accurate information in an understandable form, they need access to justice, they to be assured of proper accounting for outgoings; however, If the government wants a competitive market they can’t create a system that protects and preserves mediocre traders. Consumers and other shopping centre retailers will be the big losers.

Given we faced the possibility of national retail lease legislation with leases in perpetuity and third party setting of rents, yesterday’s announcement of the Government’s package for Small Business reform is a pretty good outcome for retail property owners. When you have a property E Settlement Agents Perth at your side, he or she can help make a remarkable condition into the contract communicating that the vendor must leave the property in commendable condition. These principles will form the basis of the Government’s safety net for retail lease legislation.

Essentially the Government will adopt a three pronged approach to improving the regulation of the retail leasing regime: The Government has adopted our call for retail legislation to remain a state/territory responsibility. In so doing they acknowledge the work done by the Property Council and the Australian Retailers Association to develop best practice principles for tenancy reform.The treatment of small business (limited to transactions under $1million) as though they were a consumer for the purposes of actions in relation to unconscionable conduct, The implications of this are being carefully assessed.

The Property Council of Australia has taken all due care in preparing this report but urges all members to seek their own independent advice before acting on issues referred to in this Lobbying Update.An independent member of the ACT Legislative Assembly, Michael Moore, and last week introduced a Bill proposing amendment of the Tenancy Tribunal Act which would, if passed, expose rental levels to third party review at any time not just at a rent review period or at renewal of the lease.