Residential Renting Basics
For those new or just unfamiliar with residential renting, this is the guide for you! Here we explain a lease, bond and condition report.
What is a lease?
Also known as a residential tenancy agreement, it’s a legal contract between a tenant and a landlord. As stated in tips for tenants section, a lease should contain information such as:
- Location of the property
- Total rent
- Amount of the bond
- Commencement and end date of your tenancy
- The landlords' name
What is a bond?
A bond acts as security for the landlord in case the tenant doesn’t meet the terms of the lease agreement. At the end of the agreement, the landlord may claim some or the entire bond for occurrences such as cleaning, repairs or replacement of missing items.
The bond is a separate payment to the rent. A tenant cannot use any part of the bond as rent – so don’t ask the landlord to keep the bond as your final payment at the end of the lease.
What is a condition report?
As a tenant pays a bond, the landlord much prepare a condition report which notes the general condition of the property, including fittings and fixtures. The tenant should check that the report covers any damage or issues to the property and take photos to help record the property in its original condition. At the end of the lease agreement, this report can be used very useful as it can be as evidence if there is any dispute about who should pay for cleaning, damage or the replacement of items.
And there you have it! That’s the basics to Residential Renting. If you have any questions please call our Property Management team.
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