What you need to know about rental Bonds Tip 6

When is the bond released? And to whom?

Bonds are released at the end of the tenancy.

The bond is paid back to the tenant when the property is vacated, provided no money is owed for rent, damages or other costs.

A tenant may receive a full, partial or nil refund of the bond monies.

In order for a tenant to get their bond back, they will generally need to:

pay their rent on time

cause no damage to the property

show the bond receipt

provide a detailed condition report

leave the property in a clean and tidy condition (usually the tenant is required to do a professional end of lease clean and provide proof)

At the end of the tenancy, an agreement needs to be made about how the bond will be refunded.

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Jason Gwerder
Tuesday, 1 December 2020

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