What is a residential bond?
A bond offers financial protection to a landlord when renting a property. It is used if a tenant breaches part of their tenancy agreement.
A bond offers financial protection to a landlord when renting a property. It is used if a tenant breaches part of their tenancy agreement.
In Queensland, the maximum bond an agent can charge is equivalent to four week’s rent if the rent is $700 a week or less. If the rent is more than $700 a week there is no limit on the bond that can be taken.
By law, the bond must be registered with Queensland’s Residential Tenancy Authority within 10 calendar days of its receipt along with a bond lodgement form. Both parties to the tenancy agreement complete this.
Deductions from the bond may only be withdrawn by the managing agent or landlord. This is to recover costs relating to the end of the tenancy in the event the tenant does not adhered to their obligations as spelt out in the tenancy agreement.