A residential tenancy agreement is obtained when a landlord and tenant agree on the rental amount for a particular premise. They can be agreed upon either verbally or in writing.
Tenancy agreements can be ‘fixed term’ or ‘periodic’.
Fixed Term Tenancy A fixed term tenancy will specify the length of the contract and time that the lease will run for. This is usually long term, running for 6 or 12 months.
Periodic Tenancy Agreement is one which does not specify a length of time the lease will run for. It carries on from one period to the next, which can be monthly, fortnightly or weekly. Once the fixed agreement expires and neither the landlord nor tenant gives notice in order to end the tenancy, it then continues periodically.
Questions to Ask
Before you sign any type of agreement, check off the following questions: some questions you should ask in order to examine if it is the right one for you:
|How much is rent and bond?|
|On what conditions are you denied your bond?|
|When is the rent due?|
|What is the late rent policy?|
|How long is the lease?|
|Is there an early out clause? Are there any fees to break the lease?|
|After the tenancy ends, will I have to renew the lease for a year or will it then run on a periodic basis?|
|What utilities are included in the rent?|
|Are there any costs for setting up other utilities which are not included in the rent?|
|Is there a dedicated car spot on the property? Are there costs involved?|
|Is sub-leasing allowed?|
|What is the policy on maintenance and repairs? Both urgent and non-urgent?|
|Can rent be paid individually by tenants sharing the property?|
|Can I make any cosmetic changes to the property?|
|Where is the Laundromat (if one is not included with the premises)?|
|Am I allowed to have pets?|
|Is there a fire system which is active?|
Our top tip: Ensure that all which was discussed and promised by your landlord is given to you in writing so you have something to refer back to.
- Renting vs Buying
- How To Maximise Your Chances Of Securing A Rental Property
- Key Questions To Ask Before Signing A Tenancy Agreement
- All You Need To Know About A Bond & Upfront Rental Payment
- The Responsibilities of Your Landlord
- Things To Do Before You Move In
- Your Rights as a Tenant
- Sharing a Property