Arnold
CibbuanoRental Bonds
February 23rd 2007 00:07
A rental bond is an amount of money paid by a tenant as a form of security for the landlord against any future breaches of the tenancy agreement. Charging a rental bond is not mandatory however, the maximum rental bond that can be asked for is:
* 4 weeks rent, for unfurnished premises, or
* 6 weeks rent, for fully furnished premises with a rent of $250 or less per week, or
* Unlimited, for fully furnished premises with a rent of more than $250 per week
The landlord or agent must send any rental bond paid to Renting Services, Office of Fair Trading, within seven days. A lodgement form must be completed and sent together with the payment.
During the tenancy, the bond is held by the Rental Bond Board and accumulates interest. At the end of the tenancy, after the final inspection, a Claim for Refund of Bond Money form should be filled out by the landlord or agent and given to the tenant to sign.
The Rental Bond Board is the independent custodian of rental bonds paid by tenants to landlords for residential tenancies. Landlords must lodge tenants’ bond money with the Board. The Office of Fair Trading’s Renting Services Branch administers the day to day functions of the Board, providing rental bond lodgement, custody, refund and information services.
Any disagreement over how the bond is to be refunded should first be discussed between the parties.
If agreement cannot be reached, either party may send a Claim for refund of bond money form to Renting Services without the signature of the other party. The bond will not be paid out straight away. A letter will be sent to the other party advising them of the claim and giving them 14 days to apply to the Consumer, Trader and Tenancy Tribunal to dispute the claim. If no reply is received within 14 days the bond will then be paid out.
No matter who applies to the Tribunal, it is always up to the landlord to prove any claim on the bond.
All rental bond forms can be obtained free of charge from:
* any Fair Trading Centre
* any branch of the Commonwealth Bank
* most real estate agents
* 4 weeks rent, for unfurnished premises, or
* 6 weeks rent, for fully furnished premises with a rent of $250 or less per week, or
* Unlimited, for fully furnished premises with a rent of more than $250 per week
The landlord or agent must send any rental bond paid to Renting Services, Office of Fair Trading, within seven days. A lodgement form must be completed and sent together with the payment.
During the tenancy, the bond is held by the Rental Bond Board and accumulates interest. At the end of the tenancy, after the final inspection, a Claim for Refund of Bond Money form should be filled out by the landlord or agent and given to the tenant to sign.
The Rental Bond Board is the independent custodian of rental bonds paid by tenants to landlords for residential tenancies. Landlords must lodge tenants’ bond money with the Board. The Office of Fair Trading’s Renting Services Branch administers the day to day functions of the Board, providing rental bond lodgement, custody, refund and information services.
Any disagreement over how the bond is to be refunded should first be discussed between the parties.
If agreement cannot be reached, either party may send a Claim for refund of bond money form to Renting Services without the signature of the other party. The bond will not be paid out straight away. A letter will be sent to the other party advising them of the claim and giving them 14 days to apply to the Consumer, Trader and Tenancy Tribunal to dispute the claim. If no reply is received within 14 days the bond will then be paid out.
No matter who applies to the Tribunal, it is always up to the landlord to prove any claim on the bond.
All rental bond forms can be obtained free of charge from:
* any Fair Trading Centre
* any branch of the Commonwealth Bank
* most real estate agents
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