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Commercial Lease Update

By: Emma Comyn | Posted on: 22 Feb 2018

Commercial Lease Update

If you are a tenant under a commercial lease granted on or after 3 April 2012, you have a statutory obligation under Section 88 of the Property Services (Regulation) Act 2011 to submit information to the Property Services Regulatory Authority (PSRA).

The information to be supplied is as outlined on the forms which are available through the PSRA website www.psr.ie

Returns to the PSRA are to be made by way of the specified forms at three separate points in the life of the lease: (a) on creation of the lease, (b) on rent review and (c) when the tenant ceases to have an interest in the lease, in other words, on assignment, termination or expiry of the lease. The obligation to disclose information to the authority overrides any agreements relating to confidentiality of commercial terms.

Penalties

A person who, without reasonable excuse, contravenes the provisions requiring submission of particulars to the authority is guilty of an offence and liable on summary conviction to a class A fine. Any person who makes any false or misleading statement or gives false or misleading information to the authority is guilty of an offence and liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both.

For more information on the above, please do not hesitate to contact our Property Department.

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