The lease, or residential tenancy agreement, sets out a contractual agreement between the landlord and the tenants.
Make sure to thoroughly read through the lease before signing as it sets out important information involved during the leasing agreement.
It will usually include things such as;
The rental amount
The total bond amount – Usually 4 weeks’ rent
The term of the lease – Usually 6 or 12 months
Payment options and terms – Direct debit, BPAY
Standard rental terms and conditions for the agreement – That comply with legislation
Special conditions – Particular usage of the property’s features, car space, if the property is pet friendly etc.
Once the lease has ended, and if it’s not renewed, it will roll over to a periodic or ‘month by month’ leasing arrangement and will stay in place unless a new lease is agreed to and signed.
Unless notice is given, there is no end date to a periodic lease.
In NSW, a periodic lease gives greater flexibility for a tenant because under current legislation, landlords must give 90 days’ notice to evict a tenant on a periodic lease, but a tenant can move out when they want to provided that notice is given.
However, common courtesy would suggest that vacating tenants should still provide appropriate notice to the landlord and agency of their plan to end the tenancy agreement and move so the landlord and agency can arrange for new tenants to be in place for when the property will be vacant.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
