Bond

bond

By FOX PM

A bond is a payment of no more than 4 weeks rent that the tenant pays before the start of the lease. The bond is lodged with the Rental Bonds office. A bond does not have to be applied to a property however the bond is used as an insurance policy for any damage caused to the property by the tenant, keys not being returned by the tenant or cleaning costs if the premises was left unclean at the time of the final inspection.  If everything is ok with the final inspection, a bond refund is lodged and the bond is returned to the tenant. If there are issues, the bond is refunded to the lessor.   A tenant can not use the bond to pay for the rent in the last weeks of the tenancy.