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With both the bond and rental payments received, you should provide detailed and signed receipts stating the date, amount received, property address, name of tenant and duration for which it has been paid.

One of the keys is to ensure you have the best tenants in your properties who have the financial capability to pay the rent as well as the desire to look after your property well.

Conversely, missing curtains or burns or cuts to the bench-top would likely be considered damage, so the tenant would be responsible to pay for these to be repaired.

At the end of a tenancy, if your property is left in good condition and is clean, then both the landlord and the tenant can agree to have the bond repaid to the tenant in full.

This protects you if the tenant does not pay all the rent owed, damages your property or fails to keep it in a satisfactory condition, as you will then be eligible to claim some or the entire bond once the tenancy is over.

Examples of urgent repairs include: If they are not dealt with, the tenant has the right to organise a qualified professional to complete repairs, up to the amount specified in the tenancy agreement.

The amount of bond is usually about four weeks’ worth of rent, however it can vary depending on the type of dwelling.

At the end of the tenancy, damage to the property may be paid for out of the bond, but only if both parties agree.

Property investment remains one of the best ways to create wealth but success depends on much more than just property selection and location. property investment also involves people – namely landlords (that’s you) and tenants.

Throughout the residential tenancy, you as the landlord have various responsibilities which must be upheld.