Lease Agreements in VIC
A guide to Lease Agreements in the state of Victoria.
Here’s what you need to know about setting up a lease agreement in Victoria (VIC)
In Victoria, a lease agreement (or rental agreement) is an important document that outlines the terms of a residential rental arrangement. It sets out the rights and responsibilities of both parties, and provides legal protection to both tenants and landlords.
Lease agreements must be in writing and include all the essential conditions outlined in the Residential Tenancies Act 1997 (VIC). These conditions range from rent payment schedules, security deposits, occupancy rules, eviction notices, maintenance requirements, pet regulations and more.
You must provide tenants with a copy of the written tenancy agreement within 14 days of it being signed by both parties.
You are also required to give new tenants a fact sheet that outlines their rights regarding matters such as repairs, privacy, e-communications and rent increases.
Types of Lease Agreements
There are three types of lease agreements in Victoria:
- Periodic tenancy agreements (where rent is paid at regular intervals),
- Fixed-term tenancy agreements (which specify a specific period of time) and
- Periodic tenancy agreements with break clauses (which allow either party to terminate on or before a certain date).
Changing Lease Agreements
Property owners and tenants can mutually agree to change from one type of lease agreement to another. This process can either involve ending the current agreement early and entering into a new one, or waiting until the existing agreement concludes before beginning a new one.
It is important for both parties to carefully consider their options before agreeing to any changes.
When a fixed-term rental agreement ends, it automatically turns into a periodic agreement unless either you or your tenant gives notice to end the arrangement. However, both parties do have the option to begin another fixed-term agreement if they wish.
Why do I need a Lease Agreement?
You need a written lease agreement to avoid potential disputes that could arise between you and your tenant. Without such an agreement, there is no clear understanding of who is responsible for what regarding repairs, rent payments, pet rules and other important issues.
A written lease helps ensure that both parties are on the same page and have a legal document to refer to if any conflicts arise.
Click here to find out more about Lease Agreements in VIC.
Need a helping hand?
RentBetter allows you to set up Lease Agreements in a way that is both fast and efficient. Though the platform, you can quickly create legally binding leases for your tenants without the time-consuming paperwork and traditional methods.
You simply enter your tenant's details and information about the lease terms and click “Send” to send a. copy directly to your tenant.
If you’ve signed up for a Match, Manage & Maintain or Manage & Maintain account, both you and your tenant can also digitally sign your lease based on the recommended standard lease agreement in your state or territory.
