A new Lessors Disclosure Statement for NSW has been negotiated with other states for increased uniformity across jurisdictions. The new disclosure has been in use from 1 Jan 2011 and applies to all commercial leases affected by the Retail Leases Act 1994 (NSW).
The Retail Leases Act 1994 (NSW) applies to some, not all, commercial leases in NSW. If the Retail Leases Act 1994 (NSW) applies, then the lessor must provide disclosure documents as prescribed under the Act. The lessor must give the lessee a disclosure statement within a certain time before a lease is entered into. If no disclosure statement is given or it contains false or misleading information or is incomplete, the lessee may terminate within 6 months of entering the lease. Failure to provide a disclosure statement is an offence under the Retail Leases Act 1994 (NSW) carrying a monetary penalty.
Our Commercial Leases Practice Manual has further commentary and an updated precedent.