Private Rental Contracts

[jasminlei]

Where or how does one get a contract for a private rental??
A family friend wants to rent our IP but we want a contract in place like they do at a real estate agent.

Also are we able to claim a % of managing that property privately the same we would normally pay to an agent?

regards

j

 

[Lotana]

Dear J,

I think you can buy a rental pack at the post office, but I would just ask for a copy of tenancy agreement at any real estate agent's office.

To your second question - you can only claim the money that you actually spent. If you hire a relatative to manage your property and pay them - that's an allowable deduction, but they would need to declare the money as their taxable income.

Say cheese

Lotana

 

[Jas]

You can also pay one person to manage the property, but you have to pay them market rate. So find out what's the going rate for a property manager.

They then need to keep track of the work they do for the property in a diary. At the end of the year, multiple the hours work by the hourly rate and you have the deduction.

Jas

 

[Sunstone]

Dear Jasminlei,

If you are going to do it yourself you need to have the protection of good additional clauses such as who pays excess water, pest control, how the premises should be cleaned and so forth.

As there are a lot of things to think about would suggest that you talk with the property owners association and either join or purchase a copy of their "Special Terms" General Tenancy Agreement that has already been used extensively and has been checked out legally. Also their tenancy application is quite good.

Both should be used if you want to self manage. Otherwise the additional clauses used by a realestate property manager are worthwhile. However remember laws between states for rentals do vary.

Property Owners Association:
Ph: (07) 3378-7411. Or e-mail [email protected]

Cheers,

Sunstone.

 

[Sunstone]

Dear Jasminlei,

Also if you want a copy of the standard Qld forms suggest that you visit:

http://www.rta.qld.gov.au/download_all_e-forms.cfm

Cheers,

Sunstone.

 

[PIppety]

Hi Jasminlei,

Go to http://www.rta.qld.gov.au . They have all the forms for QLD tenancies that you will require plus lots of general information on responsibilities of landlords and tenants.

I have IP's in QLD and have some experience in managing them myself so send me a PM if you need any help.

Cheers
PIppety

 

[PIppety]

hehehehehe - missed by that much ! (he says in a Maxwell Smart voice).

 

[jasminlei]

Thank You

Thanks to you all for the great info forms have been downloaded

cheers j

 

[jasminlei]

Oh Max !

Oh Max "you always miss by that much"

lmao

j

Originally posted by PIppety
hehehehehe - missed by that much ! (he says in a Maxwell Smart voice).