A bond acts as security that the tenant will meet the terms of the tenancy agreement (lease). The bond is held with the Residential Tenancies Bond Authority (RTBA), this is a government authority. There is an official ‘Bond Lodgement’ form signed by agent and tenant, the bond is then lodged with the RTBA. At the end of the tenancy an official ‘Bond Claim’ form is required to be signed by the tenants and agent or landlord. If there is a dispute in the payout of the bond, then the matter can be heard before an independent third party at Victorian Civil and Administrative Tribunal who will make an order and disburse the bond.
There is no interest paid on your bond to either party.
The RTBA will send a computer generated receipt to the tenant and the landlord, confirming the bond amount and bond number.
The Condition Report
The condition report notes the condition of the property prior to the commencement of the lease. The condition report makes notes on everything to do with the property, such as how many hooks are on walls, what type of floor covering and the condition of the cover. The condition report DOES NOT cover maintenance, should there be any maintenance items then these need to be addressed with the property manager. They say a photo speaks 1000 words, so we take photos of our properties prior to tenants moving in. This will ensure that apart from fair wear and tear the property should be returned within the same condition as it was rented at.
A condition report is given to a tenant at the time they collect the keys. The tenant has 3 days to review and, if necessary, add comments to the condition report. If the amended condition report is not returned to the agent within 3 days, the original report completed by the agent will hold as true and correct.