Having A Formal Rent Review Is Important
One of the most common and least understood legal agreements is between a tenant and a landlord. Whether this is rental or lease, the law can be quite complicated. The importance of a rent review by an informed person cannot be overemphasized.
I am Glenn Duker, a Melbourne based commercial lease lawyer.
Each state in Australia has its own Acts regarding landlord-tenant relationships. Because there are many rules and regulations it is often confusing in regard as to where the responsibilities lie. It is a good idea to confer with a lawyer in the field who deals with this issue.
The lease or rental contract is required to clearly state the terms both parties agree to. It will state whether payments are to be made for a fixed period of time or on a monthly basis. It will also include an agreement concerning a bond that must be paid (if any), a month’s rent in advance, who is responsible for repairs and maintenance and so forth.
A bond is usually equal to a month’s rent, depending on the Act for a particular state. This money is held by the RTBA (Residential Tenancies Bond Authority). If the landlord requires a bond the tenant must provide a completed, ‘Bond Lodgment’ form to sign.
The responsibilities of the landlord and tenant are precise. Things such as serving a landlord with a ‘Breach of Duty’ notice which property is unsafe is just one. Prior to signing a long term contract it is important for both parties involved to understand these details.
A new Act was passed in NSW on 1st February 2011. The changes in previous laws are quite extensive. This article is general in nature, being the opinion of Glenn Duker, so it is important to get legal advice relative to your scenario.
Choosing professional and experienced lease lawyer Glenn Duker will give businesses and individuals the ability to make knowledgeable decisions. You can find information and details about the range of services offered by Glenn Duker now!
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