A lease Disclosure Statement (DS) provides a summary of the major commercial terms of a retail lease.
The DS must be provided by the Landlord (or its leasing agent) to the Tenant of the retail premises at least 14 days before a lease is entered into/the lease is signed.
As well as providing the DS within the 14 days, the Landlord must also provide to the Tenant a copy of the proposed lease that includes details of the:
If the Landlord does not give to the Tenant the DS and lease at least 14 days before the lease is entered into, the lease will start/commence 14 days after these documents are provided.
This means that the Landlord may miss out on lease payments depending on how the lease is drafted. For example, a lease could say that the Tenant starts paying rent on the commencement date.
The commencement date may be a later date because the Landlord has not provided a DS or proposed lease to the Tenant.