Property managers and landlords across NSW need to be prepared for the changes to the state’s residential tenancy laws which take effect on Monday.
In an email newsletter from NSW Fair Trading, rule changes will mean landlords or agents will need to sign an acknowledgement on the tenancy agreement that the landlord has read and understood the “Landlord Information Statement”.
The new documents must be used for agreements that are entered into from 23 March 2020.
Penalties will apply if this does not occur.
A new “Tenant Information Statement” will also come into effect, replacing the current “New Tenant Checklist” that landlords and agents must give a tenant before the tenant enters into a residential tenancy agreement.
According to NSW Fair Trading, the changes improve tenants’ renting experience while ensuring landlords can effectively manage their properties.
The changes reportedly aim to reduce disputes over repairs and maintenance, increase protection and certainty for tenants, and clarify a range of rights and obligations of tenants and landlords.
A number of material changes are covered by the new laws and encompass a range of obligations such as the clarification of “fit for habitation” minimum standards, information for prospective strata tenants, water efficiency measures and new mandatory set break fees for fixed-term agreements, among other things.