What does a Residential Tenancy Agreement cover?

Wednesday 19 Jun 2019

A RESIDENTIAL TENANCY AGREEMENT
A residential tenancy agreement is a legal agreement between a tenant and landlord to lease a property for a period. The tenancy agreement (also known as a lease) highlights the legal obligation of both parties during the tenancy period, including:
•    The amount of rent to be paid.
•    How often payments must be made.
•    The term of tenancy agreement.
•    Point of contact ie. if the property will be managed by a real estate agent.
•    Conditions of entry and any.
•    Special conditions that need to be adhered to.


A HOLDING DEPOSIT
Great properties don’t stay on the market for long.  
•    You must be quick with your decision to apply.
•    A holding deposit secures your genuine interest to lease a property and is paid when submitting your Tenancy Application form for a rental property.
•    Not all states within Australia permit a holding deposit be paid.
•    Check with the managing agent to see if they accept holding deposits or not.


A RESIDENTIAL BOND
A bond offers financial protection to a landlord when renting a property. It is used if a tenant breaches part of their tenancy agreement. 
•    The amount of the bond can vary from state to state and may also depending on the rental value and state of the property, and whether pets are allowed.
•    By law, the bond should be registered with the state’s governing body via a bond lodgment form. Both parties to the tenancy agreement complete this.
•    Deductions from the bond may only be withdrawn by the managing agent or landlord. This is to recover costs relating to the end of the tenancy in the event the tenant does not adhered to their obligations as spelt out in the tenancy agreement.


UTILITIES (WATER, GAS, ELECTRICITY) 
This may vary from property to property however in most circumstances:
•    The tenant must pay for their own electricity, gas and water charges  
•    Details regarding the payment of utilities will be mentioned in your tenancy agreement
•    Ask the landlord or managing agent prior to leasing the property 


INSURANCE
You should take out your own contents insurance before renting a property to cover your personal possessions.   
•    If there were a theft or accident which prevented you from living in the rental property, you would not be covered under any policy the landlord may have in place.
•    Ask your First National Real Estate property manager about Tenant Insurance products.


LANDLORD OR PROPERTY MANAGER ACCESS DURING THE TENANCY
Your landlord or managing agent has the right to enter the property under specific circumstances to inspect the property and/or conduct maintenance. However:
•    You must be given appropriate notice prior to the landlord accessing the rental property.
•    These circumstances are spelt out in your tenancy agreement and include routine inspections and maintenance repairs.