Business Sale (Vendor) - Retail Lease Assignment - RSLA Compliance Pathway

Jurisdiction: Queensland, Australia. The RSLA disclosure obligations apply to the transaction and are administered separately from the main Business Sale Agreement. There are no further sub-forks within this fork.

The Process at a Glance: The practitioner first assesses whether the RSLA applies to the premises by checking the floor area, the nature of the lease, and the composition of the retail precinct. If applicable, Form 9 (Assignor Disclosure Statement - from vendor to purchaser) must be prepared and served on the purchaser at least 7 days before either the contract is signed or the lessor is asked to consent to the assignment - whichever is earlier. The purchaser must then serve Form 15 (Assignee Disclosure Statement to the Assignor) on the vendor before the lessor is formally asked to consent. The lessor must serve Form 7 (Lessor Disclosure Statement to the Assignee) on the purchaser at least 7 days before the Deed of Assignment is executed. If any of these forms are not served in time, either party has a right to waive the deficiency in writing. Once all forms are properly served, the Deed of Assignment is executed, completing the lease assignment. The vendor's s 50A release from liability under the lease takes effect only if s 22B was fully complied with.

Key Legislation and Case Law: Retail Shop Leases Act 1994 (Qld) - s 5A (definition of retail shop - 1,000 sqm or less in retail precinct where over 25% of lettable area is retail), s 22B (assignor's disclosure obligations - Form 9 timing requirements), s 50A (vendor's statutory release from lease obligations - conditional on s 22B compliance). Key RSLA forms and timing requirements: Form 9 (Assignor Disclosure Statement) - vendor to purchaser, served at least 7 days before contract signing or lessor consent request, whichever is earlier; Form 15 (Assignee Disclosure Statement to Assignor) - purchaser to vendor, before the lessor is asked to consent; Form 7 (Lessor Disclosure Statement to Assignee) - landlord to purchaser, at least 7 days before the Deed of Assignment is executed. Official forms are available at Business Queensland - RSLA Forms. Consequence of non-compliance: if Form 9 is not served with the required lead time, the vendor loses the benefit of the s 50A statutory release and may remain jointly and severally liable under the lease after settlement.

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