In the state of New South Wales, Australia, landlords and tenants must follow strict rules and regulations when entering into an ongoing lease agreement. An ongoing lease agreement is a type of rental agreement that has no fixed end date and continues until either the landlord or tenant chooses to terminate it.
Before entering into an ongoing lease agreement, both parties must familiarize themselves with the Residential Tenancies Act 2010 (RTA). The RTA sets out the rights and responsibilities of both landlords and tenants in NSW, including those related to ongoing lease agreements.
One of the key components of an ongoing lease agreement is the rent amount. The landlord and tenant must agree upon a rent amount and how often it will be paid. In NSW, rent can be paid weekly, fortnightly, or monthly. Landlords are also required to provide tenants with a written receipt for rent payments.
Another important aspect of an ongoing lease agreement is the bond. A bond is a sum of money paid by the tenant at the beginning of the tenancy as security against any damage to the property or unpaid rent. In NSW, the maximum bond amount that can be charged is four weeks` rent. The bond must be lodged with the NSW Rental Bond Board within 14 days of receiving it.
Landlords are also required to provide tenants with a copy of the NSW Fair Trading publication, “The New Tenant Checklist”. This checklist outlines the rights and responsibilities of both landlords and tenants, as well as important information about the tenancy agreement.
If either the landlord or tenant wishes to terminate an ongoing lease agreement, they must provide the other party with a written notice. The notice period depends on the reason for termination. For example, if a tenant wishes to end the agreement because they have found a new rental property, they must give the landlord at least 14 days` notice.
In addition to the RTA, there are also a number of other laws and regulations that must be followed when entering into an ongoing lease agreement in NSW. For example, landlords must ensure that the property is maintained in a reasonable state of repair and that any repairs are carried out in a timely manner.
Overall, entering into an ongoing lease agreement in NSW requires careful consideration and adherence to a range of laws and regulations. With the correct knowledge and preparation, both landlords and tenants can ensure a successful tenancy.