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The Property Advocate

Rent Review Provisions – The Need for Care & Diligence

Thursday, July 17th, 2008

 

In brief

 

Market rent reviews under a lease can be a difficult time

for both landlords and tenants.

 

In a rising and tight rental market, a market rent review

may be unwanted on the tenant’s part, resulting in

challenges to the amount sought by the landlord and

indeed the basis on which the increased rent is claimed.

 

It is vital for a landlord that the lease itself contains clear

and unambiguous rent review provisions and that all

notices served pursuant to the lease are correct.

 

In a recent decision of the Supreme Court of New South Wales, a

landlord was stripped of some $800,000 in back rent which the

landlord asserted was owed by the tenant after a market rent

review. The case, American Home Assurance Co v Grimes George

Street Garage Pty Ltd [2007] NSWSC 1400 (7 December

2007) (Grimes), is a reminder of the need for diligence to be

exercised in all aspects of the rent review process, starting with

appropriately drafted rent review provisions. The case is relevant to

all jurisdictions in Australia.

For full details log on to

http://www.blakedawson.com

 

Content by Blake Dawson

Level 39, 101 Collins Street

Melbourne VIC 3000


If interested in learning more about this update please contact me today!



As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best.

 

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