IP with tenant staying - Bond Transfer

[sashatheman]

Hi all
So we are about to settle on a property with the tenant willing to stay. We are located in NSW btw. We want to manage it ourselves as the tenant appears very responsible.

My understanding is that we need to do two things transfer the bond money into our name and make them sign a tenancy agreement.

Since the tenant is still living in the same place, would i need to use this form for the bond transfer?
http://www.fairtrading.nsw.gov.au/pdfs/About_us/Forms/transfer_bond.pdf

and is this the correct form to use for the tenancy agreement?
http://www.fairtrading.nsw.gov.au/pdfs/Tenants_and_home_owners/Residential_tenancy_agreement.pdf

anything else I am missing?

BTW I found this site very helpful for landlords
http://landlordspecialists.com.au

Thanks in advance.

 

[tess85]

The other thing is, if the tenant is paid in advance, make sure you chase their managing agent for the money. We had that issue when we settled on an IP and simultaneously switched property managers... it was a pain making sure the money was accounted for.

 

[chilliblue]

Attain a copy of the tenants ingoing and subsequent inspection reports and information as to what keys, remotes, manuals etc were issued.

 

[ozsupra]

are you intending to do inspections and arrange maintenance when required?

 

[marg4000]

Depending on state laws, you may have to honour the existing lease, which means that you cannot alter any of the terms and conditions before it expires.
Marg

 

[SeafordSunshine]

documents!

Dear Sashatheman,
what the other posters said, also
I suggest you get
1.original signed lease
2.original tenancy application
3. original inspection report
4.records of previous repairs and warranties
5. make and model of hot water service.
6.Fire alarm check up.
7.rental appraisal, is the rent at market?
8.copy of maintainace contracts.
9.Landlords insurance dated to settlement date.
10 Arrange tenant to pay into your correct account on the correct date,

then, sit back
pour yourself a drink and start reading the act.....
I hope this helps
Cheers
Seaford Sunshine

 

[Scott No Mates]

The transfer of bond form allows the tenant to transfer the bond from the existing residence to another property - this is not the required form. You need a change of managing agent form.

You will also require a property inspection form as well as the lease.

You are not able to increase the bond.

 

[sashatheman]

Thank you all. I got paperwork from the realestate agency that managed it before me, that includes the bond transfer, past agreement etc.

I only get keys for external windows ect, but not the property. Is that normal?

 

[Aaron_C]

I only get keys for external windows ect, but not the property. Is that normal?

No, the property manager should always have a spare key for the property itself.

 

[Scott No Mates]

No, the property manager should always have a spare key for the property itself.

Only if they like to be disturbed at 3.37 am by drunk tenants. A referral to a locksmith works wonders

 

[Aaron_C]

Only if they like to be disturbed at 3.37 am by drunk tenants. A referral to a locksmith works wonders

Haha I was thinking more along the lines of taking possession rather than responding to calls like that.

 

[sashatheman]

I asked the tenant if I could make a spare key, and they seemed fine with it. I feel uneasy about not having it, in case I need it for emergency.

 

[sydprop]

I suggest you start from scratch. It will avoid the matter of potential argument in the future. Also in the ACT you can only transfer the current bond value or less which means you can't raise it if you have changed rent. (there may be a form for that though).

 

[sydprop]

I suggest you start from scratch. It will avoid the matter of potential argument in the future. Also in the ACT you can only transfer the current bond value or less which means you can't raise it if you have changed rent. (there may be a form for that though).