It is prudent for property owners with a residential component to be aware of the new Residential Tenancy Act 2010 which was passed by the New South Wales Parliament.
This Act is not yet law but will come into effect later in 2010 after the necessary regulations have been made.
Important aspects of the Act are:
- The notice term to terminate a Lease by the Landlord is increased from 60 days to 90 days for Tenants which are not in a fixed term agreement.
- A Tenant may terminate a periodic tenancy by giving 21 days notice.
- In a fixed term agreement, the Tenant may also apply to the Tribunal for an order allowing the Tenant to terminate the fixed term agreement.
- The Landlord must accept payment of unpaid rent even after a termination notice on the ground of failure to pay rent has been issued and the Tenant has not yet vacated the premises. The parties can also enter into an agreed repayment plan which will guarantee a continuance of tenancy.
The Act allows greater freedom for the Tenant to sub-let part of the property or bring in extra co-tenants. It must be done with the consent of the Landlord but the Landlord must act reasonably in granting its consent and there will be limited grounds on which the Landlord can refuse its consent.
Sale of Premises
The Landlord must give written notice to the Tenant at least 14 days before the property is made available for inspection. A termination notice (not applicable in a fixed term agreement) may specify a date at least 30 days from the date of the notice of a termination date.
Unclaimed Goods After Termination
Landlords will no longer have to put an advertisement in the newspaper about unclaimed goods or pay to have them removed and stored for 30 days.
If Landlords wish to obtain any further information in relation to the Act, it is suggested that the Fair Trading NSW website be visited, details of which are www.fairtrading.nsw.gov.auand then follow the links to the Residential Tenancy Act 2010.
ContactDepartment Manager, Holly Gilhomle on 07 5506 8202 or Freecall 1800 621 071 or email firstname.lastname@example.org to make an appointment or to obtain more information, or use our Online Enquiry Form to send us your details.
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