For first-timers, renting an apartment is as easy as finding a landlord and moving in. The process, however, is not that simple. Apart from packing all your stuff in boxes, renting also involves you in a legal agreement. With the ongoing inner-city apartment boom, the more you need to know about all these technicalities.
Based on information from PointCorp, here are the legal stuff you should know:
Also known as the residential tenancy agreement, the lease is the main document that lists all the terms of your stay in the landlord’s property. In a lease, you can find the total cost of your rent, as well as the specifics on when and how you should pay for it. This contract also specifies how long you will be a tenant of the property.
You and your landlord would also agree to a certain amount concerning the bond, which should appear on the lease. All other rules, terms, and conditions that you both agree upon must be on the contract as well.
Put simply, this is the main proof and a rulebook of your tenancy. You have to read this document carefully and make sure all the terms are fair as per your state’s laws.
Landlords need some sort of security in case you violate or fail to meet certain terms of the lease. This is the function of the bond, which is an amount you both agree upon before the rent begins. Do note that the bond is different from the rent, and that you cannot use it to pay for your last month’s stay.
In Australia, the landlord must write a condition report on the property. What this document does is it records the current status and condition of the area you’ll rent, as well as the furniture and fixtures present before you move in.
Be sure that your landlord makes a document like this, as it clarifies which repairs you should and shouldn’t shoulder. Moreover, this report also serves as evidence if there are disputes over the accountability of property damage.
Renting an apartment entails a legal agreement between two parties, so you have to be sure of what you are signing for before moving in. Study these documents and read the fine print carefully to ensure fair terms throughout the lease period.