When you secure a house for rent in Darwin, you will be required to pay a rental bond. But how much do you know about what a rental bond is for? At Elaine Mills Property Management, we always take care to provide tenants with everything they need to understand the process. Read on for more information about rental bonds so you know what to expect when looking for rentals in Darwin.
What is a Bond?
A bond is a regulated payment to a landlord or property manager, which can be used when you leave a rented property to cover any damages that are deemed to be beyond normal wear and tear. A bond is usually equivalent to 4 weeks’ rent and must be deposited by your landlord in a bank or other financial institution. You will receive a receipt for your payment. At the end of your tenancy, your landlord will carry out an inspection of the property with you, to determine if there is any cause to make deductions from your bond. If no deductions are agreed, then your bond must be returned to you within 7 business days of your departure.
How to Avoid Deductions
When you move into a house for rent in Darwin, your landlord or property manager will issue you with a condition report. Check the property against the details in the condition report and note any damage or repairs that need to be made and return it to your landlord within 5 business days. This will help to avoid disputes at the end of your tenancy, because you will have any existing damage or faults in writing and can therefore prove that you did not cause them. It’s also recommended to take pictures of the property when you move in as further evidence of the existing condition.
Returning Your Bond
When you move out of rental properties in Darwin, your landlord or property manager must return your bond within 7 business days if there are no disputes over the state of the property. If your bond, or part of your bond is withheld due to damage, unpaid rent, cleaning or unpaid bills, you must be advised by your landlord in writing, with accompanying evidence, also within 7 business days.
If you are looking for rental properties in Darwin, speak to the knowledgeable team at Elaine Mills Property Management. Call us now on 08 8983 1800.