The Purpose of the Bond
First and foremost, it’s important to understand that the bond acts as a financial safety net for landlords. This deposit is held to cover potential damages or financial losses incurred during the tenancy, which includes unpaid rent.
Agreeing on Bond Deductions
Ideally, the resolution process involves clear communication between the landlord and tenant. When it comes to unpaid rent, both parties should agree on the amount to be deducted from the bond. This agreement is then formalised with the landlord's and tenant’s signatures on the bond refund form, allowing for a smooth release of funds.
When Agreement Can’t Be Reached
Real-life scenarios aren’t always straightforward. If tenants are unresponsive or refuse to sign the bond refund form, landlords are not left without recourse. In such instances, the next step involves the Tenancy Tribunal.
The Role of the Tenancy Tribunal
Landlords have the option to apply to the Tenancy Tribunal for an order to release the bond funds without the tenant's signature.
For a successful claim, documentation is key. This includes records of rent payments, communication attempts with the tenant, and any other relevant information that supports the landlord’s case. A well-prepared submission helps the Tribunal make an informed and fair decision.
Read more:
What can you deduct from the bond?
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