Hiya again…
When a tenant pays bond, a private tenant … I issue them with a reciept, and tuck the money away, and return it to them when they move out an the house is in satisfactory condition etc ..
Do i have to put this bond in a special account and give the tenant intrest as well ?? This is what someone has told me in all my years of renting, i never got back intrest with my bond is that a crock or is that true?
Thanks
[biggrin]Hi Duchess,
http://www.rta.qld.gov.au/zone_files/Fact_Sheets/rent.pdf
But for more specific information download a copy of the relevant residential tenancy act. This will ensure you comply with legislative requirements.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Thanks for that info and link .. I may need to phone them to ask. Does anyone know specificly if i need to pay the tenant intrest on their bond? I have not ever heard of this before.
cheers
In Qld, the bond goes to the RTA, who issue receipts to you and the tenant. At the end of the tenancy, they refund the bond. No interest.
Regards Wylie
Although legally you don’t have to pay them interest on their bond money is may be a kind gesture on your behalf if the tenants have looked after your property whilst they stayed there.
I don’t agree!
You are not keeping the money for the tenants, the tribunal is, they are investing this money and if anyone should pay interest when it is returned to the tenant, it should be the tribunal not the landlord.
If it is returned to the landlord due to a dispute, there is no interest attached as it was not the landlords money to begin with.
I have heard of cases (in SA) where tenants recieved their full bond back with interest after a long period of time (8 years). These were my tenants, however, I never asked what that interest was, I was just amazed that the tribunal actually paid them interest!
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582I was planning on just holding the bond myself (in a special account), as the tenant is a family friend etc, the tenant dosnt mind, i just wanted to make sure if i did or did not have to pay interest on the bond to the tenant at the end of the lease term.
Seems i dont… by the looks of it.
Not that it will break my bank if i do have to at the end..cheers Psychiatrist
[biggrin]
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