Urban Land & Housing Group – Landlord Tips – Where Is My Tenant’s Bond Held?

Urban Land & Housing Group – Landlord Tips – Where Is My Tenant’s Bond Held?

When a tenant pays their bond to the agent / owner they must also sign a bond lodgement form (note this must be an original form from Fair Trading NSW).
Most agents / landlords take a 4 week bond (ie 4 weeks rent) and this will get lodged with the rental bond board along with the original bond lodgement form.

The bond is then held with the rental bond board for the duration of the tenancy and cannot be claimed by either the tenant or landlord without either both parties agreeing or a tribunal order.

The process for either claiming a bond (ie landlord getting bond) or refunding the tenants bond when they vacate is as follows:

IF NO MONEY IS OWED TO THE LANDLORD OR AGENT:
1. Both tenant and landlord/agent must sign a bond refund form
2. The tenant must either fill in their account information for refund or provide their new address information for a cheque to be sent (note cheque refunds take up to 14 days whilst EFT refunds only take approx 3 days)
3. Once bond refund form is signed it can then be faxed to Fair Trading and the original posted back

IF MONEY IS PAYABLE TO THE LANDLORD AND BOTH PARTIES AGREE:
1. Both tenant and landlord/agent must sign a bond refund form
2. The amount payable to landlord / agent is to be filled in
3. The tenant must either fill in their account information for refund or provide their new address information for a cheque to be sent (note cheque refunds take up to 14 days whilst EFT refunds only take approx 3 days)
4. Once bond refund form is signed it can then be faxed to Fair Trading and the original posted back

IF BOND REFUND IS UNDER DISPUTE:
1. The party that is disputing the owed bond amount must apply to the CTTT (Consumer, Trader & Tenancy Tribunal) for a hearing.
2. The CTTT will send both parties a hearing notice of which they must attend and present their respective cases
3. The CTTT will then make orders for the bond payout as they see fit

Should you require any further information please contact our office on (02) 9672-6055.

For a free rental appraisal please click HERE

Have a great wekeend

Jordyn

Posted in Landlord Tips, Uncategorized on 23rd August, 2013 | No Comments »

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