If you opt for a private lease after a lot of thought, instead of renting your property through a real estate agency or property manager, there are a number of factors to consider. As a general rule, a rental agreement binds you and your tenant legally. It gives your tenant the right to live on your property for an agreed rent. Leases include fixed-term and periodic agreements. Fixed-term agreements generally cover six to twelve months for residential real estate (commercial real estate may be longer) with a fixed deadline. Regular agreements are usually followed by a temporary agreement. They do not have a set deadline and most of the rules of the original agreement are still in effect. However, the provisions relating to rent announcement and rent increases differ between temporary and periodic contracts. A standard lease can contain more than 40 clauses. Additional terms and conditions may be included and the agreement must comply with the Residential Tenancies Act 1997. 1. Make sure you have carried out a check on the tenant that you can arrange on us. 2.

Make sure you have called/verified all tenant references – you are asked to provide the current employer, current landlord and personal references on our rental application. 3. Make sure you have physically examined or taken copies of the ID, proof of income, proof of address and lease history, such as the contract. Rental, written reference or tenant book. 1. Meet them and sign a rental form available here: www.fairtrading.nsw.gov.au/__data/assets/pdf_file/0004/369985/Residential_tenancy_agreement_30_October_2016.pdf (At that time, you will also provide them with a new list of tenants from here: www.fairtrading.nsw.gov.au/Factsheet_print/Tenants_and_home_owners/Renting_a_home/FTR72_New_tenant_checklist.pdf 2. Complete a status report within 7 days of the start of the lease, keep a copy for yourself and provide two copies to the tenant. If possible, it may be helpful to conclude this with the tenant in order to minimize disagreements about what is mentioned. You can use this form here www.fairtrading.nsw.gov.au/__data/assets/pdf_file/0010/369946/Tenancy-condition-report.pdf 3.