Acting as landlord for a rental property, whether residential or commercial, includes a number of legal obligations. These laws are in place for a number of reasons including the management of issues with respect to the rental property.
Before your new tenant occupies your property it's essential that they sign a tenancy agreement or lease - not doing so may prolong disputes should they arise. A detailed lease typically incorporates 40 matters including: the sum to be paid as bond; the rent amount and payment frequency; and the commencement and duration of the lease agreement.
Each Australian state and territory has its own regulatory regime regarding tenancy agreements. It's important you careful review the laws governing the rental lease that applies to your property.
Rental bonds offer landlords vital protection. Should substantial damage to your property occur, or the rent remains outstanding once the lease comes to an end, the bond provides security.
Once you receive bond monies, you're required by law to lodge it with your state's relevant government office within 3 to 14 days - again, the duration is dependent on which state your property's situated in.
If you're unclear as to how much your tenant i's required to pay, consult your state department of consumer affairs or housing. Typically 4 weeks rent is the equivalent Bond permitted. Properties what warrant higher than average rental amounts may be eligible for a higher bond - seek the details from your local rental bond authority.
As with the bond, the amount of advance rent you can request is, typically, dictated by the relevant State regulations.
Once the lease is signed, bond is paid, and advance rent is secured, you may have to provide your tenant with a Condition of Premises Report. The report should be comprehensive breakdown of the condition of the property -including the walls, roof, windows, painting and carpet.
Your tenant should review the report, noting any item appraisal they disagree with. You should then sign the amended report, providing your tenant with a copy.
Where there's potential for future disagreement, photographs featuring timestamps may corroborate your findings should problems arise.
The information contained in TenancyCheck.com.au website is general information only and does not constitute legal, financial or compliance advice. As the laws relating to tenancy agreements may have changed we recommend you check with the relevant State or Territory government department. We also recommend that you obtain your own independent legal advice about matters relating to landlord obligations, tenant rights and any legal disputes you may have with a tenant(s).