{"id":1080,"date":"2018-05-23T12:28:38","date_gmt":"2018-05-23T01:28:38","guid":{"rendered":"https:\/\/goodmangroup.com.au\/?p=1080"},"modified":"2020-09-15T04:39:39","modified_gmt":"2020-09-14T18:39:39","slug":"rights-responsibilities-investment-property-owner","status":"publish","type":"post","link":"https:\/\/goodmangroup.com.au\/blog\/rights-responsibilities-investment-property-owner\/","title":{"rendered":"Your Rights and Responsibilities as an Investment Property Owner"},"content":{"rendered":"

It\u2019s important for landlords, particularly those new to property investment, to understand what they\u2019re allowed to do in relation to their property. Even with professional property managers taking care of the property, knowing the ins and outs of investment property ownership can be valuable.<\/p>\n

With this blog, Goodman Group Lawyers aim to make your rights and responsibilities as a landlord clear, lifting the veil on several of the more confusing aspects of property ownership. Read on to learn more.<\/p>\n

Duties as a landlord<\/strong><\/p>\n

Being a landlord is not simply a case of having tenants move into your property and taking their rent money \u2013 there are certain legally binding responsibilities that are required of all landlords.<\/p>\n

Landlords must make sure that the premises are vacant and clean on the day the tenant is scheduled to move in, ensure that the premises are always in good repair (if replacing water appliances, fittings or fixtures, they must meet Standards Australia \u2018A\u2019 rating).<\/p>\n

There is also a need to ensure that external doors have locks and windows can be secured and that if locks are changed, that tenants are given the appropriate keys as soon as possible.<\/p>\n

Entering a property<\/strong><\/p>\n

You may realise that a landlord is able to enter a property to inspect it, but this procedure must be conducted under very specific guidelines<\/a>. A landlord may enter at a time and date that is agreed with the tenant, but this agreement must be made at least seven days before the agreed upon time. This prevents landlords from entering premises without prior warning \u2013 if they still do so, it is considered an offense.<\/p>\n

Landlords are still able to enter a property after giving tenants 24 hours\u2019 notice for specific duties. These include valuing the property, demonstrating the property to prospective buyers, new tenants, or financial lenders, if they are under the impression that tenants have damaged property or have caused a nuisance. In these instances, the landlord is permitted to enter the property between 8:00 am and 6:00 pm on any day except public holidays.<\/p>\n

Understanding what to do with the bond<\/strong><\/p>\n

The bond in essence is used as a security deposit for the landlord, and in most cases the bond is equivalent to the value of four week\u2019s rent. In some cases, the bond may exceed this value (such as in more expensive or furnished properties).<\/p>\n

Bond should always be forwarded to the relevant state\u2019s residential tenancies bond authority. This body will hold onto the bond money on behalf of both tenants and landlords.<\/p>\n

The money given to a landlord as bond can be taken for the following:<\/p>\n