Those with a vested interest in rental property may be interested in a recent announcement from the Real Estate Institute of New South Wales (REINSW).
The organisation has reported that modifications to the Residential Tenancies Act will commence July 6, following their passage through parliament in June.
The main amendments include rules regarding the termination of lease due to non-compliant tenants, bond payments, abandonment of premises and disputes regarding tenancy listings in databases.
Landlords will now be required to provide written notice of whether or not the tenant will be expected to vacate the property if rent that was in arrears is paid in full.
The Act now states that a tenant will be allowed to transfer a bond to a landlord before an agreement has been signed, though a landlord cannot legally ask for this.
It also clarifies some ambiguity in the case of a broken lease in regards to the break fee.
The new Residential Tenancies Act also says that anyone on a residential database for a proposed listing can be removed upon request.
Anyone who owns rental property or is a tenant in Australia, may wish to take note of these new regulations.
