Krysten Laletas

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Victorian Regulations Affecting Commercial Leases During COVID-19 Finally Released (4 May 2020)

New Victorian Regulations designed to mitigate the effect of the COVID-19 (coronavirus) pandemic on “eligible leases” in Victoria have finally been released. They shall apply retrospectively from 29 March 2020. A Mandatory Code was announced by the Federal Cabinet in April 2020, but this contained high level “leasing principles” only [...]

2020-05-04T09:42:33+10:00May 4th, 2020|Categories: Commercial, Property|Tags: , |

PM Announces Details of Mandatory Code of Conduct for Commercial Leases: COVID-19 UPDATE (8 April 2020)

The Prime Minister announced yesterday the introduction of The Mandatory Code of Conduct (the Code). The Code sets out a series of guidelines for negotiated solutions to financial distress caused by the COVID-19 crisis in the commercial leasing context. It addresses, among other things, tenant relief eligibility requirements, mandatory rent [...]

2020-04-15T14:53:51+10:00April 8th, 2020|Categories: Commercial, Property|Tags: , |

Commercial Lease COVID-19 Update (30 March 2020): PM announces 6 month moratorium on termination of commercial leases, urges landlords and tenants to renegotiate lease terms

Following our previous update on the escalating COVID-19 situation in the commercial lease context, the Prime Minister has just announced a 6 month moratorium on termination of commercial and residential tenancies for non-payment of rent. There have also been additional reports today that Banks will allow commercial landlords with loans [...]

2020-03-31T08:54:55+11:00March 30th, 2020|Categories: Commercial, Property|Tags: , |

Commercial & Retail Leases in the COVID-19 Environment – Tips for Tenants & Landlords

Just like many other sectors, retail and commercial tenants and landlords are currently under pressure and desperate to know what their options are in the current COVID-19 crisis. There have been reports that the Victorian Government will shortly announce the introduction of new legislation relating to rent relief for tenants dealing [...]

2020-03-27T11:02:20+11:00March 27th, 2020|Categories: Commercial, Property|Tags: , |

Attention All Off-The-Plan Vendors of Real Estate: Important Changes to Sunset Date Legislation

In line with recent legislative changes, all vendors under an off-the-plan contract will no longer be able to exercise its sunset date termination rights without first: giving written notice to the purchaser 28 days before the proposed rescission setting out certain prescribed details; and obtaining each purchaser’s written consent to [...]

2019-07-15T12:04:12+10:00July 15th, 2019|Categories: Property|Tags: , |

The sun is setting on delay tactics adopted by property developers in off the plan sales

Property developers engineering development delays and relying on developer friendly “sunset clauses” in off the plan contracts of sale contracts (OTP Contracts) to terminate those contracts and re-sell for higher prices are being targeted by the Andrews Labor Government through proposed new legislation. The Sale of Land Amendment Bill 2018 [...]

2018-09-18T18:03:03+10:00September 17th, 2018|Categories: Property|Tags: , , |

Don’t get caught out – Be aware of what constitutes a “terms contract” when selling an interest in land

When parties negotiate settlement terms of a contract of sale of real estate, particularly when it is a long term settlement, they can inadvertently structure the terms of the transaction in a way where the contract is deemed to be a ‘terms contract’ under the Sale of Land Act 1962 (the Act). This can have [...]

2018-08-23T15:25:16+10:00May 9th, 2018|Categories: Property|Tags: , , |

New GST Rules Affecting Property Transactions – ATO cracking down on developers who avoid paying GST

How these new obligations will affect both developers and purchasers Treasury has released draft legislation which proposes a new process for the remittance of GST to the ATO for property transactions that relate to the supply of “new residential premises”. Why the Changes The purpose of these new rules is [...]

2018-08-23T15:20:32+10:00January 18th, 2018|Categories: Property|Tags: , , |

Variations to the plan of subdivision – Are you jeopardising your presales?

Securing presales is a critical aspect of any property development project - but that’s only half the battle. The trick is making sure they settle. Long construction lead times and project delays mean settlement may not occur until up to several years after a purchaser signs a contract. The occurrence [...]

2018-09-18T12:16:58+10:00April 30th, 2017|Categories: Property|Tags: , |