Residential Tenancies Amendment Act 2018: Rental Providers' duty to disclose.
Updated: Dec 3, 2018
This is our second post regarding the Residential Tenancies Amendment Act 2018 which will come into effect on or before 1st July 2020.
The Residential Tenancies Amendment Act 2018 requires residential rental providers to disclose any of the following to the renter prior to entering into a residential rental agreement:
1. If an agent has been engaged to sell the property or if there is a proposal to sell the property,
2. If a mortgagee has commenced action to take possession of the property,
3. If the property is serviced by an embedded electricity network,
The first two items are relatively self-explanatory. Regarding point 3, embedded electricity networks are becoming more popular in apartment complexes. The complex will only be serviced by 1 electricity provider, this has allowed the complex to negotiate a better rate for all residents.
Overall these changes are fair for the tenant, and if handled correctly will not cause any negativity to the property owner. From a renters’ point of view if a property is sold whilst a fixed term residential rental agreement is in place then the new owner must respect that agreement, unless the tenant agrees to terminate the lease early through negotiation.
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