Now what? Here is a run down on the events that occur once your rental application has been approved before you move into your new home.
1. Paying a Deposit.
This is usually the first step in getting your new lease prepared. You will usually be asked to place a Holding Deposit of one week’s rent to secure the property.
2. Signing the lease
Before moving in you need to sign a tenancy agreement or lease. It details the rights and responsibilities of you and your landlord.You will receive a copy of your lease to review before signing it, check it thoroughly and ask your property manager about anything you have concerns about. Once it’s signed by you and your landlord/agent, it’s a legally binding document. Make sure you understand it, or seek advice if you don’t understand something.
3. The Bond
You pay it to the landlord/agent before moving in. It’s kept as security against any substantial damage that may be caused to the property during your tenancy or to cover rent owning at the end of the lease. Your bond must be deposited upon signing the lease and it will be released at the end of the tenancy when you may receive a full or partial refund. Generally bond is four weeks rent.
4. Rent in Advance
The landlord may be entitled to receive some rent in advance when you pay your bond and sign the lease. Rent in advance is additional to your bond and different from your regular rental payments which are always paid in advance.
5. Condition Report
This document provides a record of the condition of the property at the start of your tenancy. It lists all the features of the premises including the condition of the walls, ceiling, windows, painting, carpet, fixtures and amenities. Both landlord/agent and the tenant record their assessment of the premises and keep a signed copy. Keep your condition report as you may need it at the close of your lease. The landlord/agent may claim some or all of the bond money for repairs but if the report says these repairs were necessary at the start of the tenancy, this form will be your proof that the bond money should be returned.