When you decide that you will begin a tenancy in any property, you may be required to pay a bond. This is money that you pay the landlord to protect that person should you breach the terms of your lease or rental agreement. A bond may also be referred to as a linen deposit, a security deposit, a key deposit, or a pet bond.
TheResidential Tenancies and Rooming Accommodation Act 2008does not require that a bond be taken, nor does it forbid it. Typically, a landlord (or lessor) will make their own determination when it comes to the requirement of these monies up front. It is atypical to find a lessor who does not require a bond, as this money protect the lessor from damage, agreement breaches or late rent on your part.
What Are You Required to Give?
The ACT does dictate the amount of the bond that a lessor can ask for. In general, if the rent you will be paying is $700 or less each week, your bond will be the total amount of four week's rent. If you will be paying greater than $700 per week in rent, you and the lessor will negotiate the price of the bond.
If you will take tenancy in a moveable dwelling, your lessor cannot ask for more than two weeks rent. If electricity is connected in the lessor's name, they cannot ask for more than three weeks rent. If you are unable to pay the full amount of the bond, you may make installment payments if this is acceptable to your landlord. You may also apply for a bond loan.
What Happens at the End of a Tenancy?
At the end of your tenancy, one of two things will happen: Your bond will be returned or your lessor will keep all or part of your bond.
If you have damaged the property or if the lessor has to spend an atypical amount of money to clean it to make it ready for habitation, they have the right to keep all or part of your bond. If, on the other hand, you leave the residence in move-in condition, the lessor must return your bond to you.
What Can You Do to Guarantee the Return of a Bond?
One of the smartest things that you can do is pay for budget bond cleaning from a company like Bond Clean Australia. This company will walk through your residence with you, inspect it, and make suggestions as to cleaning and repair needs.
When you allow these experts to clean and repair your residence, you are guaranteed to have your bond returned to you. Bond Clean Australia will clean each room in your residence and make any minor repairs that are necessary. Budget bond cleaning doesn't mean cheap or ineffective; it simply means that you are getting more for your dollar!
If you are nearing the end of your agreement, contact Bond Clean Australia now. You deserve to have the entirety of your bond returned to you!