New tenancy agreement laws come into effect from 30 October. We take a look at what you need to know.
Earlier this year, law changes in New South Wales clarified that it is now a “material fact” if a home is listed on the ‘Loose-fill Asbestos Insulation Register’. This makes your obligations clearer in terms of what you tell tenants.
NSW Fair Trading has clarified that material facts “refer to information which affects a consumer’s decision about a property and must be disclosed before any agreement is entered into”.
From 30 October, this means the standard tenancy agreement will include a requirement to notify tenants if the premises they want to lease is:
- On the Loose-fill Asbestos Insulation Register; or
- Added to the register during the tenancy.
“This information is important to tenants because a property containing loose-fill asbestos insulation could be a health risk,” NSW Fair Trading said.
The identity of owners and residents will not be included on the register.
Property managers can now download an amended version of the standard form residential tenancy agreement for use from 30 October onwards.
An addendum is also available to allow agents and landlords to continue to use existing stock of the previous version of the residential tenancy agreement.
The law changes fall under the Home Building Act (1989).