Change of circumstances and planning to move? As a tenant, there’s a few things to consider before packing your bags to ensure that the vacating process runs smoothly.
The notice period
If you intend to leave a property, providing as much notice as possible is not only a requirement of the tenancy agreement – but can also determine any costs you may be required to pay. At Prudential Real Estate, this can be done by using our Vacating Form.
There are two types of tenancy agreement in NSW:
- A periodic lease, where the term has expired or is not specified. Under this agreement you are required to provide 21 days’ written notice to vacate.
- A fixed-term agreement, where there is a specific term. Under this agreement, you are required to provide 14 days’ written notice prior to your vacating date which should be on or after the expiry of the lease … if you have reached the end of the specified term. This notice can be given up to the expiry date of the lease.
Breaking a lease early
When you sign a fixed-term tenancy, you are committing to stay for the full term. If you break your lease term early, your landlord may require you to pay “break fees”; a way of compensating them for financial loss including loss of rent, advertising and letting costs.
On the day you vacate, you must hand your keys into the office. At Prudential Real Estate, our property managers will then assist you to complete a Vacating Property Form acknowledging the return of keys and condition of the property. Be sure to return the keys by the due date, as rent will be charged on a daily basis until they are returned.
A time will be arranged for an outgoing/bond inspection of the premises. Tenants are encouraged to be present while the inspection is conducted, as the current condition of the property will be compared with the condition at the commencement of the tenancy greement. Any damage or need for cleaning may incur claims against your bond, however, this only occurs in a minority of cases. Once approved by the landlord, your entire bond will be refunded.
*For Prudential Real Estate clients, bond will be returned directly to your bank account through the Rental Bond Board.