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It is vital to have a Residential Tenancy Agreement tin place whenever you Lease or Tenant a property. This is for the protection of the owner, the tenant and the property itself. A well drafted Residential Tenancy Agreement, such as this one, is able to offer you this protection.
This Residential Tenancy Agreement also contains an option as to payment of a rental bond. A rental bond is a form of security for the landlord in case the tenant does not follow the terms of the Residential Tenancy Agreement. Payment of a rental bond is not mandatory however it is common practice to ensure a commitment from the tenant and protection for the Landlord.
There may be maximum rental bond stipulations and you should check with the local authority to ensure that a rental bond complies with local requirements. For example, the bond may not be able to exceed four (4) week's rent.
The amount of bond that is to be paid (if any) must be written into the Residential Tenancy Agreement. Money received as a deposit bond must generally be deposited with a statutory body (bank for example) within 7 or 10 days of receipt. A rental bond must be in the form of money and may not be provided as a guarantee.
This Residential Tenancy Agreement also includes, as an optional attachment, a Condition Report at no extra charge. This should be completed at the same time as entering into the Residential Tenancy Agreement as a formal record of the condition of the property. This can be vital as it is common for items to be damaged by either the tenant or through other means.
If you are leasing residential property in a State/Territory other than New South Wales or Victoria, this Residential Tenancy Agreement may be used. You should not use this lease in relation to residential property in NSW or Victoria because those States have statutory leases which must be used to comply with legislation, for these states see LawLive's Document Library for NSW and VIC Leases.
Note that this lease is not appropriate for use in retirement villages or any other situation where there is use of shared facilities.
This residential tenancy agreement includes, as an optional attachment, a Condition Report. The notes below set out information about the condition report and guidance as to how it should be completed.
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