Your Guide to Understanding Rental Agreements

Getting into renting can feel like stepping into a whole new world, especially if it’s your first time. But once you get the hang of what’s what in rental agreements, it all starts to make more sense. Let’s break down the essentials you need to know.

Two Main Types of Rentals
When you’re looking to rent, you’ll come across mainly two kinds of setups:

Periodic Tenancy
Periodic Tenancy has no fixed end date. You and the landlord can keep things going under the same conditions until someone decides it’s time to move on, giving the other a heads-up to end it.

Fixed Term Tenancy
Fixed Term Tenancy on the other hand is a type of tenancy where the tenant and landlord agreed to stay for a certain period, say six months or a year, with a clear start and end date. It’s great for when you want some stability, knowing you won’t have to move out suddenly. Just remember, if you or the landlord don’t want to continue after the end date, you need to say so 30 days before the lease is up.

What You Need to Get Started
Whether you’re in a periodic or fixed-term deal, some things are must-haves from the start:

The Lease Agreement: This is the official document (called Form 1AA) that spells out the terms of your rental. It’s like the rulebook for your tenancy.
‘Information for Tenant’ Sheet: This is where your rights and responsibilities as a Tenant. Think of it as a handy guide to help you navigate your tenancy.
Property Condition Report: This is your record of what the place looks like when you move in. You get two copies so you can note any issues and make sure you and the landlord are on the same page. It’s super important for making sure you don’t get blamed for any damage you didn’t cause.

The Fine Print (That’s Actually Important)
When you sign your lease, make sure it doesn’t try to sneak in anything that takes away your rights under the Residential Tenancies Act 1987. You and your landlord can add extra bits to the lease, but these can’t mess with the basic rights and duties the law gives you.

Stuff You Should Get
On day one, your landlord should hand over:
– A copy of the lease and that helpful ‘Information for Tenant’ sheet,
– Two copies of the property condition report (so you can check and confirm the state of the place),
– A form to fill out if you’re paying a security bond (kind of like a safety deposit),
– The keys to the property.

A Closer Look at the Property Condition Report
This report is a big deal. It is important for Tenants to thoroughly check the report. If something’s not right, fix it on both copies, keep one, and send the other back to your landlord within a week. If you don’t, it’s like saying everything is fine for you. When you’re moving out, you’ll get another one based on a final walk-through, and you should have the chance to be there for that check-up.

Wrapping Up
Knowing the ins and outs of your rental agreement makes the whole renting experience a lot smoother. Whether it’s going with the flow in a periodic tenancy or settling down in a fixed-term lease, understanding your rights and what’s expected of you (and your landlord) can make your rental feel more like home.

KA-CHENG Property Group
Top Local Real Estate Agency in Morley, Dianella and nearby suburb