Signing A Tenancy Agreement
By Isabella Kidd

A tenancy agreement is a legally binding document between the tenant and landlord. It is crucial that you as the potential tenant take the time to read and review the document, understand fully what it details and ask any questions to the property manager before signing and acknowledging that you agree to all it contains. In this blog, we will outline areas to look for and consider when you are about to sign a tenancy agreement.

Your rights and responsibilities:
Renting a property is a big responsibility on you. There are several legalities to know about before you sign your agreement. Each state has governing bodies who dictate the rights of a tenant and their responsibilities. In NSW, Fair Trading looks after tenants and landlords. You can click on their website here: https://bit.ly/3LgsBvF . Knowing the latest information current to you is important.
Your tenancy agreement, bond lodgment form and Ingoing Condition Report are all legally binding documents. You should take the time to thoroughly read each document, so you are aware of what you are agreeing to. If you have any questions about these documents, you can always contact your property manager.

Terms of your lease:
Your tenancy agreement will outline tenant names, length of the lease, rental payment amount, rental bond amount, any changes in rent during the lease period and any other charges you may be responsible for such as water usage. With your agreement being a legally binding document, if anything changes to the property or the agreed terms of the original signed tenancy agreement, these changes must be amended straight away and signed by both the tenants and property manager or landlord.

Condition report:
An Ingoing Condition Report is a legal document that is provided as part of your tenancy agreement. It is essential that you give attention to this report as it plays a role in the protection of your bond upon the completion of your tenancy. Ingoing tenants have a limited window of time to add comments or photos to the condition report. If you do not return your ICR within the set timeframe, the ICR supplied by your property manager will be the document that is referenced at the end of the tenancy.

If you have any questions or concerns, your property manager is always there to answer them.