What is the Landlord Information Statement?
Understanding your rights and responsibilities as a landlord is crucial in the realm of property management. The 'Landlord Information Statement' serves as a pivotal document designed to inform and educate landlords about the nuances of residential tenancy legislation.
So, what exactly is a Landlord Information Statement, and what changes have been implemented?
This statement outlines the rights and obligations of a landlord when entering into a Residential Tenancy Agreement. Notably, a recent amendment (section 31A) to the Residential Tenancies Act 2010 (NSW) mandates that landlords must acknowledge, before entering into A Residential Tenancy Agreement, that they have read and comprehended the content of this statement.
The comprehensive Landlord Information Statement covers various aspects, including general responsibilities, fit for habitation, disclosure requirements, written agreement, documentation, condition reports, collection of rental bonds, contact details, payment records, rent increases, rates, taxes, and utility charges, water efficiency measures, repairs and maintenance, smoke alarms, access to the premises, minor changes, domestic violence, notice, break lease fees, and refund of rental bonds.
Why was this amendment necessary?
The Landlord Information Statement now parallels the Tenant Information Statement, serving as a valuable tool for landlords to stay informed about their rights and obligations. These statements are instrumental in ensuring that both tenants and landlords are well-versed in their responsibilities during the tenancy agreement, ultimately minimising the risk of non-compliance with legislation.
When is the Landlord Information Statement used?
It is a prerequisite for landlords to sign this document before entering into a Residential Tenancy Agreement, confirming their understanding of the associated obligations. Failure to meet these obligations may necessitate disciplinary action, such as a NCAT hearing, to address any non-compliance on the part of the tenant.
What are the benefits of this statement?
The primary advantage lies in minimising risk for all parties involved in the real estate transaction, fostering a transparent and compliant landlord-tenant relationship.
If you have any further questions regarding investing, please feel free to get in touch with Next Level. You can contact us either by calling 0402 866 885 or sending an email to info@nlproperty.com.au. We are here to assist you and are eager to provide any additional support you may need.
