No doubt as a property investor you have become familiar with many of the biggest changes such as Pets, minimum standards, safety related activities and if you have signed a new lease recently you would have been asked to complete a disclosure document.

The disclosure document has been designed to assist Renters on making an informed decision before entering into a new lease agreement. Some owners have enquired regarding the need to do this “everytime” the renter signs a new lease agreement. It is necessary to complete a new form with every new lease/ lease renewal. This is because from year to year your circumstances or the condition of the property may change.

There are two parts to this new legislation. The first is in the Residential Tenancies Act 1997, Division 1B which covers disclosures and representations prior to entering into residential rental agreements. The second is in the Residential Tenancies Regulations 2021 which outlines in full detail what must be disclosed. An interesting read if you’d like to delve deeper into the requirements.

Residential Tenancies Act 1997

Residential Tenancies Regulations 2021

Of particular note is the Penalty of 60 units for an individual who fails to provide this to their renter when signing a new lease. This equates to approximately $11,000. Thus when it’s lease renewal or leasing time, we urge you to allow time to promptly complete the Mandatory disclosure form that your property manager will provide you.

Disclaimer: The contents of this article are believed to be accurate at the time of posting. Any advice here is of a general nature only and has not been tailored to your personal circumstances. Please seek professional advice prior to acting on this information.