The Victorian State Government has on 15 April 2020 announced some more commercial tenancy relief measures to assist Landlords and Tenants in resolving a response to COVID-19. In line with implementing National Cabinet’s Mandatory Code of Conduct the Victorian government is encouraging Landlords and Tenants to resolve the economic impacts together and vary their Lease in a manner which works for each of them.
With effect from 3 April 2020, the National Cabinet has issued its principles intended to balance the interest of landlords and tenant in a lease involving SME tenants (being those tenants with a turnover below $50 million) (referred to as ‘the Code’). The basis of the Code remains for Landlords and Tenants to negotiate mutually acceptable arrangements that work through their particular circumstances.
The Retail Leases Amendment Bill 2019, which will amend the Retail Leases Act 2003 has now passed through parliament and will be enacted into law in the coming months. The key changes resulting from the Retail Leases Amendment Bill include changes to Essential Safety Measures, Disclosure Statements, options to renew the Lease, among others.
A restrictive covenant is an agreement between parties which restricts the use and benefit of one parcel of land for the benefit of other parcels of land. In most cases, once these agreements are entered into, they are registered on Title. They are not removed once you purchase the property. If you are looking sell your current property, you are required to disclose any existing covenants in your Vendor’s Statement.
If you are considering purchasing or investing in property as part of your business, these stamp duty tips and traps are key factors of which to be aware when making decisions. Recently, the State Government has been finding additional means to raise revenue through stamp duty in Victoria.Below we consider important legislative changes that the State Government has made to the Duties Act 2000 (Vic) and previous exemptions which are now being closely scrutinised by the State Revenue Office (‘the SRO’).
Being a member of an Owners Corporation comes with various financial and legal responsibilities. A paramount legal requirement when selling a property subject to an Owners Corporation is to ensure that the Vendor’s Statement specifies all relevant Owners Corporation information including, but not limited to, rates and annual general meeting resolutions. This information is generally contained in an Owners Corporation Certificate, which is prepared by the Owners Corporation Manager (‘OCM’). So, what happens if your Owners Corporation is inactive?
Recent changes have modified the conditions required for a spousal stamp duty exemption when transferring property, whether as a married couple or as de facto partners. Read here for more information surrounding the consideration requirements to be eligible to receive this exemption.
There have been recent amendments to the Duties Act 2000 (Cth) (Chapter 2, Part 4B) in relation to stamp duty and economic entitlements. We list below how these changes impact stamp duty payable for Victorian property transactions and key factors for avoiding unexpected duty obligations.
A retail lease is a lease of premises which are used predominantly for the sale or hire of goods or the retail provision of services. Whether or not a premises is used for the sale or hire of goods is generally self-explanatory, however whether or not it is used for the retail provision of services may be more difficult to determine. See here for more information.
Being a first home buyer is an equally exciting and daunting time. With all the information available, it can be quite overwhelming trying to understand the process of purchasing your new home. We have 9 tips to assist you through this process.
As Australia’s population continues to age, more and more individuals are wanting to live at home for as long as they can. However, as people are living longer, it may be the case that they have access to less disposable income as their savings diminish. There are a few different options available that allow people to utilise their home and its equity to obtain further access to funds.
Goods are abandoned if a tenant has not collected, taken delivery, or not given directions as to the delivery of goods. They may also be abandoned if a landlord cannot locate or communicate with the tenant for the purpose of organising collection or delivery. Goods, however, are not abandoned if a landlord has refused to make delivery or prevented the tenant from taking delivery. Note that a landlord has no legal right to block the tenant's access to their goods, even if the tenant has failed to pay rent.
