Residential Tenancy Agreement March 2020
As we enter a new decade, it`s important for both landlords and tenants to be up-to-date on the latest residential tenancy agreement laws. In March 2020, some important changes were made that affect both parties.
Firstly, landlords must now provide tenants with a copy of the Residential Tenancy Agreement at the start of the tenancy. This should include any additional terms that have been agreed upon, such as a pet agreement or parking arrangement.
In addition, there are now new rules surrounding rent increases. Landlords are only allowed to increase the rent once a year, and they must give at least 90 days` notice before doing so. This is to give tenants enough time to make adjustments to their finances if needed.
On the tenant`s side, there are new regulations around damage deposits. Landlords can no longer ask for more than four weeks` rent as a damage deposit. Furthermore, they must return the deposit within 14 days of the tenant moving out, as long as there are no damages to be repaired.
Another change that affects tenants is the requirement for landlords to provide a notice period before entering the rental property. Landlords must give at least 24 hours` written notice, and the tenant has the right to refuse entry if it`s not convenient for them.
Finally, it`s important to note that the Residential Tenancy Act now allows for a wider range of penalties for landlords who breach the agreement. This includes monetary penalties and even imprisonment for serious offenses.
Overall, the changes to the residential tenancy agreement in March 2020 aim to provide better protection and fairness for both landlords and tenants. It`s important for both parties to be aware of these updates and make sure they comply with them to avoid any legal issues down the line.
