Department of Fair Trading Residential Tenancy Agreement: Why You Need It
Renting a property can be an exciting experience, but it can also be a minefield of potential issues. That`s why it`s important to have a solid residential tenancy agreement in place. The Department of Fair Trading (DFT) in your state can provide a template agreement that is fair for both tenants and landlords.
What is a Residential Tenancy Agreement?
A residential tenancy agreement is a legal document that outlines the terms and conditions of a rental agreement between a landlord and a tenant. It covers details such as rent, bond, length of tenancy, and obligations of both parties. Having a residential tenancy agreement in place protects both the tenant and the landlord by providing clear guidelines for what is expected and what happens if those expectations are not met.
Why Use a Department of Fair Trading Residential Tenancy Agreement?
The DFT is responsible for regulating and enforcing the laws relating to residential tenancies. They provide a standard residential tenancy agreement that has been reviewed by legal experts to ensure it complies with the relevant legislation. By using a DFT residential tenancy agreement, you can be confident that the terms and conditions are fair and legal.
What`s Included in a Department of Fair Trading Residential Tenancy Agreement?
The DFT residential tenancy agreement covers all the essential elements of a rental agreement, including:
1. Details of the property: This includes the address and a description of the property.
2. Length of tenancy: The agreement specifies how long the tenancy will last, and whether it can be renewed.
3. Rent: The amount of rent, how it will be paid, and when it is due.
4. Bond: The amount of the bond, how it will be paid, and when it will be refunded.
5. Obligations of the landlord: The landlord`s responsibilities, such as maintaining the property and providing essential services like electricity and water.
6. Obligations of the tenant: The tenant`s responsibilities, such as keeping the property clean and not causing damage.
7. Termination of the tenancy: The circumstances under which the tenancy can be terminated by either party.
8. Dispute resolution: The process for resolving disputes between the landlord and tenant.
Conclusion
A Department of Fair Trading residential tenancy agreement is an essential tool for landlords and tenants to protect their rights and ensure a fair rental experience. By using a template provided by the DFT, you can be confident that your rental agreement is fair, legal, and compliant with relevant legislation. So, if you`re thinking of renting a property, make sure you have a solid residential tenancy agreement in place.