What is a Lease?
A lease, or rental agreement, is a contract between you and the landlord that sets out your terms and conditions of the tenancy.
A lease should include:
- how much rent you have to pay, when it is due and how it is to be paid;
- how much security deposit you have to pay
- The length of time of the lease;
- the names of the tenants;
- when the lease starts, how long the lease is for, and the date that the lease ends;
- who to contact if something needs repairing;
- your obligation to keep the house clean and tidy; and
- a lits of the fixtures and fittings like air-conditioners or geysers fitted in the property
The lease may also include things like:
- if you are allowed to have pets at the property; or
- whether any utilities are included in the rent (ie. water and electricity).
You will be asked to sign the lease agreement – make sure that you read it carefully and completely understand the lease that you are signing, and that you ask for a copy of the signed document and keep it in a safe place – having a copy of the lease may assist you at a later stage if any dispute is raised concerning the terms of your agreement.
As well as your lease or rental agreement, it’s also a good idea to keep a copy of the completed condition report for the property and a copy of the body corporate by-laws if applicable. It is not necessary to register a lease but is desirable.