Brief Introduction to Bond
The bond is the money that the tenant pays to the landlord as a security deposit at the start of the tenancy period. The bond can be paid in lump sum or in installment basis if the landlord agrees. Generally, the landlord takes the bond as compensation if the tenant doesn’t follow tenancy agreements.
As the landlord gets the bond, he or she has to deposit it in the trade fair account within the 10 days of the period. If the bond is taken by the real estate agent then the amount should be deposited by the end of the month. For the installment basis, it should consult with the trading fair for the in-depth process. The tenant should consult with the trading fair if the bond has been deposited or not. If the landlord and the real estate agent fails to deposit the amount with the mentioned time frame then they may be fined up to $2200.
Claim to get back the bond by the tenants
At the end of the lease, the tenants are required to do the end of tenancy cleaning either by themselves or they can hire the end of lease cleaning experts to help them out. After completion, they invite the landlord or the real estate agents for inspection. If the landlord or the real estate agent agrees the house is in the original condition then the tenant can fill up the Claim for the refund for Bond Money form from the fair trading website to initiate to get back the bond and have the landlord or the real estate agent sign the form. The form should be returned to Fair Trading by post, fax or in person. After the processing, Fair Trading will deposit the money into the bank account or post a cheque to the tenant’s new address.
If there is an issue regarding the amount to be returned to the tenant. The tenant can fill the form with the amount that he or she wants to be paid and then returned to the Fair Trading’s office without the signature of the landlord or the real estate agent. Fair Trading will give the written notice stating that the tenant has made the claim. If they didn’t dispute the claim process, Fair Trading will pay the claim after 14 days. If there’s a dispute regarding the claim, the landlord or the real estate agent must apply to the NSW Civil and Administrative Tribunal (NCAT) within 14 days of receiving the notice and also inform the Fair Trading through the written document that they have applied to the NCAT. In this case, the Tribunal will decide how the money will be paid out.
Claim by the Landlords/ Real estate agents to get the bond
It is already mentioned that the bond is a security deposit, if the tenants fail to follow the tenancy agreement then the landlord or the real estate agents have the rights to claim the bond. Generally, the landlords or the real estate agents claim the bond if any one or all of the following central issues arise:
Repairs: if the goods have been damaged, other than just wear and tear.
Cleaning: if the premises have not been reasonably clean.
Uncleared Charges: if any of the bills and rents are not cleared.
It should be cleared that claim for the bond is not limited to above-mentioned issues. There are other points as well.
Therefore, the landlords/agents can make a claim without the tenant’s agreement. As the landlord claims the bond, Fair Trading will provide the written notice to the tenant. If the tenant believes that the claim is false then they can dispute the claim by applying to the Tribunal. The Tribunal will decide how the bond is paid out.
Rental Bond Online Introduction
Fair Trading as from 30th January 2017 provides a voluntary on-line rental bond system. This system allows tenants and the landlords/ agents to manage their bonds online and payment of the bond is provided through BPAY and bank transfer. To access this facility, the tenants, and the landlords/ agents requires email account, mobile number, Internet connection, and a visa MasterCard or ability to pay by BPAY and Australian Bank account.
If the tenant doesn’t want to access this facility but the landlord/ agents insist to use Rental Bonds On-line then they can be fined $2200.
Check out this site to get more information on Rental Bonds Online
Note: if you are going to do the cleaning job then this guide, end of lease cleaning- DIY will help you to accomplish your task.
If you are thinking to hire the expert, Contact Best in Oz cleaning services. Best in Oz is cleaning experts who provide residential cleaning and commercial cleaning along with the end of lease cleaning in Sydney and other parts of NSW.