If you’re renting in Australia and are looking for more information about signing a Residential Tenancy Agreement, you've come to the right place. In this guide, we detail all you need to know about signing a lease agreement or a residential tenancy agreement for your new home. Read on to learn which type of rental agreement is right for you, what should be included, and which party is responsible for what.
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What is the difference between a Residental Tenancy Agreement & a Lease Agreement?
Well, we are glad you asked!
A Residential Tenancy Agreement is often referred to as a lease agreement, and while they are quite similar, there are a few differences between the two.
Both a Residential Tenancy Agreement and a lease agreement are legally binding written agreements between a tenant or resident of a property and a property manager or landlord that act as a rental agreement.
The major difference between these two types of rental agreement is that a lease agreement tends to be set for a longer period of time and includes very specific stipulations and details of what a party can and cannot do, while a Residential Tenancy Agreement can be for any specified period of time and tends to have fewer processes and procedures involved.
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As we mentioned before, lease agreements tend to be for longer periods of time than a Residential Tenancy Agreement.
However, a lease agreement can come in different lengths of tenancy, and therefore, there are different types you might decide to sign.
Most Common Types of Lease AgreementsType of lease agreements
Therefore, a lease agreement is a form of tenancy agreement. However, you can also sign a simple Residential Tenancy Agreement for any specified time without it being considered a lease.
Now that you know the differences between a lease agreement and a tenancy agreement, it's time to dig in and find out what you need to look for when signing a lease or signing a Residential Tenancy Agreement.
All Residential Tenancy Agreements need to have the same basic information, regardless of the type of lease and state or territory the property is located in.
By making sure your lease agreement has all of the correct information included, you will also be sparing yourself from potential future problems that could arise if important information is left out. Therefore, before you sign a lease agreement or a Residential Tenancy Agreement, you will want to make sure it includes the following information.
A Residential Tenancy Agreement includes:
Renting with your pet? If you want to rent a home in Australia with a four-legged friend, you will need to account for that in your rental costs and get a written agreement from your property manager. Western Australia is the only Australian state that legally allows for the payment of a pet bond, which is usually a one-off fee of $260.
Now that you know what needs to be included in a Residential TenancyAgreement and what type of rental agreement you will be signing, let's dive into the topic of responsibilities pertaining to each party.
In this section, we will walk you through what your responsibilities are as a tenant and what responsibilities your landlord or property agent should be dealing with.
When preparing your lease agreement, your landlord or rental agent should be responsible for the following:
If this is your first time moving or you are in the process of signing a Residential Tenancy Agreement and have not been helped with the above tasks, we recommend enquiring with your landlord or rental agency before agreeing to sign any papers (this does not include your rental application).
As a tenant, your greatest responsibility is to keep your copy of the Residential Tenancy Agreement, Property Condition Report, bond lodgement forms, and any other relevant documents somewhere safe and easily accessible.
Apart from being vital documents should any unforeseen disputes arise, you’ll be better off having these documents when your lease agreement comes to an end to ensure a simple lease-renewal process.
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