A landlord can ask tenants to pay a bond when they move into a property. The bond is a type of cash security that is held by an independent body.
It is paid by the tenant and can only be used by the landlord for a specific set of reasons. The landlord can request the tenant to pay a bond of up to four weeks’ rental before they move into the property which will be held by Tenancy Services.
Bonds could cover unpaid rent, damage, or costs related to claims in respect of the Tenancy Agreement. If a landlord or a property manager acting on their behalf charges a bond they must lodge this to be received by Tenancy Services within 23 working days from the date it was received from the tenant, and a receipt must be provided to the tenant.
You will need to complete a bond lodgement form and have it signed by everyone who signed the tenancy agreement.
At the end of a tenancy, the bond should be refunded in full after a property inspection. Any deductions from the bond should only be applied to cover damage costs or unpaid rent. To return the bond, the same people who sign the bond lodgement form need to sign the bond refund form when the tenancy ends and then send it to Tenancy Services to be processed. If these names and signatures don’t match, there will be delays processing the bond.
If you have any questions about Bonds, get in touch with your local Quinovic office. We’re a nationwide team of property management experts and have managed over 100,000 tenancies since 1988. No matter how big or small your question is, we’ll be happy to help. Ask Quinovic today.
