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All About Bonds

 

Upon payment of your bond, you will be required to sign a Bond Lodgement Form which will be lodged with the Office of Consumer and Business Affairs (OCBA). You will receive a copy of this form and also a receipt from OCBA with your bond lodgement reference number for your record. The names and signatures of all of the tenants contributing to the bond should be included on the lodgment form as this will be compared when the bond is dispersed at the end of the tenancy.

The bond money will stay with OCBA until the end of the tenancy. Please note that no interest is paid on the bond money to you, the owner or us as the managing agents.

Change of ownership or tenants

If at any time during the tenancy a change occurs either with ownership of the property, the property management company or change in one or more of the tenants of the property, an agent/landlord transfer form or a tenant transfer form must be completed and forwarded to OCBA.

Return of your bond

At the end of the tenancy, your bond will not be released until a final inspection of the property is carried out. We will conduct the final inspection as soon as possible after you return all of the keys to our office, generally within two business days. If the property is in generally the same condition as it was at the beginning of the tenancy, the bond will be returned to you without delay.

To enable the property to be re-let quickly, it may not always be possible for you to return in order to correct any areas requiring attention. If further cleaning is required we may engage a professional cleaner at your cost. To avoid this, a Final Inspection Checklist will be sent to you prior to vacating the premises, advising you of what the property manager will be checking at the final inspection.

A Bond Claim Form must be completed and signed by all tenants and us as the managing agents and sent to OCBA.

If there are any deductions against the bond, (for cleaning, damage or rental arrears) the amount to be returned to you will need to be agreed upon before any monies can be released by OCBA. If you do not agree with the amounts claimed, please discuss this with your property manager in the first instance. If an agreement cannot be reached it may be necessary to make an application to the Residential Tenancies Tribunal for the disposal of the bond to have the matter determined by a Tribunal Member. Your Asset Manager can give you more information on this.

Outstanding rent

At the end of the tenancy, any unpaid rent will need to be paid before your bond is returned to you. You cannot stop paying rent with the view that it will be taken out of the bond, even if it is almost the end of the tenancy, as this is an offence under the Residential Tenancies Act 1995.