From 30 January 2017, changes to the Residential Tenancies Act 2010 (the Act) make it mandatory for landlords and real estate agents to invite tenants to lodge their rental bonds using Rental Bonds Online (RBO).
The amendment does not change any other provisions in the Act, including those relating to the lodgement and claims for bonds.
Landlords and Real Estate Agents
From 30 January 2017, landlords and real estate agents are required to be registered with RBO and invite new tenants to provide their email address for the purpose of initiating the RBO bond lodgement process.
A landlord or agent who fails to invite a new tenant to lodge their bond using RBO, prior to accepting a bond, will be in breach of the Act. A penalty of $2,200 may apply.
Further information can be found on the Rental Bonds Online – For private landlords and Rental Bonds Online – For property agents webpages.
From 30 January 2017, when tenants enter into a new residential tenancy agreement, landlords and real estate agents are legally required to invite them to lodge their bond using RBO.
Tenants who do not have internet access can continue to give their bond directly to the landlord or landlord’s real estate agent. The landlord or agent is then required to lodge the bond with the Rental Bond Board using the current paper based method.
More information is available on the Rental Bonds Online – For tenants webpage.
This article first appeared on the NSW Govt Fair Trading website.