Landlord Info
When you own a residential property and intend renting it out, you have two options. You can either manage the property yourself and become a 'self managing landlord', or use an agent to manage the property for you. As a Landlord there are many issues and obligations you are responsible for including knowing the latest legislation, preparing all necessary documentation, making sure your covered legally, finding the appropriate tenant, collecting rent and regular inspections. Robinson Property is on hand to help guide you through the process and assist you ensuring your rights and responsibilities as the Landlord are met.
When renting, little problems can turn into big problems if you are not aware of who is responsible for taking care of the issues that may arise.
A Landlord MUST
- Pay all outgoings; rates, land tax and insurance
- Make sure the property is clean and in a habitable condition at the beginning and during the tenancy
- Ensure the security of the property by making sure all doors have locks and windows are secure. Immediately provide the tenant with a key after changing any locks
- Inform the tenant of any intention to sell the property
- Avoid disturbing the tenant unnecessarily and give the tenant notice of an inspection
- Reimburse the tenant for any urgent repair work - Health and Safety issues only, that the tenant had to have done (provided the tenant attempted to notify the landlord before having the work done)
- Make any necessary repairs within a reasonable time period and give the tenant notice of entry to make the repairs
- Enter the property except as permitted by law or with the tenant's consent
- Damage or allow others to damage the property
- Change the locks without the tenant's consent
- Interfere with, or allow others to interfere with a tenant's reasonable peace, privacy and comfort
- Ask for more that two weeks rent in advance at the commencement of a tenancy agreement
- Interfere with the gas, water, electricity supply or telephone
Tenants are obliged to:
- Keep the property clean
- Not cause damage to the premises
- Inform the landlord ASAP if any damage is done
- Ask for the landlords permission to install fixtures or make alterations, renovations etc
- Avoid causing a nuisance to the landlord or neighbours
Property Condition Report is a detailed condition report and inventory of the premises, which forms part of the Residential tenancy Agreement and is required to be signed and returned by the tenant within 7 days.
Security Deposit (Rental Bond) equal to 4 weeks rent is collected from each tenant and held against any damage or loss of rent that may occur during the course of the tenancy. This security deposit is lodged with the NSW Office of Fair Trading Rental Bond Board. The security deposit can only be released by mutual agreement between tenant and agent/landlord. Any disputed amount, be it all, or part of the initial deposit, must be referred to the Consumer Trader & Tenancy Tribunal for arbitration.
Periodic Inspections should be conducted at regular intervals in accordance with the Residential Tenancies Act. The tenant is notified of any defects for which he/she could be considered responsible. Periodic inspections inform owners as to the state of maintenance of the property, with recommendations or quotations for upgrading required in order to maintain the value of the property.
For extra peace of mind we strongly encourage you as the landlord to take out landlord's protection insurance. This policy will cover you for items such as loss of rent or malicious damage. Many different companies can arrange such insurance so it is wise to shop around. There is also new legislation coming into place with regard to worker's compensation insurance.
Further Information
For further information regarding your rights and responsibilities as a landlord visit the Office of Fair Trading for Managing a Rental Property