There are quite a few changes. Managing your own property will become harder, so engaging a reputable property manager will become more important than ever.
Here’s just a few of the changes:
- New Leases – Leases will now need to be in a “prescribed form”. Any old leases forms you will have will not be acceptable and in the new leases no conditions can be altered or deleted.
- PCRs – Every tenant must receive a Property Condition Report. These also must be contain a minimum amount of information and must be given to tenants within 7 days of moving in. A written report must also be provided at the end of the tenancy.
- Bonds – These must be lodged with The Bond Administrator. Bonds can now be topped up every 6 months too, along with your rent increases.
- Urgent Repairs – A tenant now has the right to have urgent repairs carried out if the owner does not act within a specified time frame.
- Locks and Security - There are now minimum security standards that a property must have.
- Ending a Fixed Term Tenancy – A tenancy will not automatically end when a fixed term tenancy agreement expires unless you or the tenant give the other party 30 days notice.
- Rent Increases – A rent increase cannot take effect until 30 days after the commencement of a new lease
There are many more changes in place from July 1 2013. Many of these carry a financial penalty for not adhering to the Act. It is essential that you get advice today on how these changes will affect you.
Source: Realmark (3rd July 2013)