Renting a residential property in New South Wales requires a residential tenancy agreement. The agreement is a legally binding document that outlines the rights and responsibilities of both the tenant and the landlord. It is important to have a comprehensive and up-to-date agreement to protect both parties.
In 2020, the NSW government updated the residential tenancy agreement form. The changes were made to improve clarity and ensure that all necessary information is included.
The updated form includes new sections such as pet clauses, break fees, and landlord’s disclosure obligations, which were not included in the previous version. The form also provides clearer instructions on how to fill it out and what information is required.
One of the most significant changes is the inclusion of a ‘rental bond lodgement form’ in the agreement. The form includes details on how much the bond is, when it was paid, and the name of the bank where it is held. This information is important for both the tenant and the landlord as it ensures that the bond is held correctly and can be returned to the tenant at the end of the tenancy if there are no outstanding debts or damages to the property.
Another important section of the agreement is the ‘rental payment’ section. It outlines the frequency and amount of rent payments, the method of payment, and the consequences of late payment. It is important for both parties to agree on these terms and stick to them throughout the tenancy.
The new form also includes a ‘termination of tenancy’ section that outlines the circumstances under which the tenancy can be terminated by either party. These include breach of the agreement, non-payment of rent, and sale of the property.
In conclusion, the updated residential tenancy agreement form for NSW in 2020 is a comprehensive document that protects both tenants and landlords. It is important to use the most up-to-date form to ensure that all necessary information is included and to avoid any misunderstandings or disputes during the tenancy.