What should the landlord do after accepting a bond?
When the landlord accepts a bond payment from the tenant the landlord must do the following: • Give a receipt immediately, showing the name of the person who paid, the premises involved, the amount paid and the date. • Within 14 days place the bond into a ‘Tenancy Bond Account’ with the Bond Administrator, or an authorised financial institution (bank, building society, credit union). Real estate agents who are handling the property should deposit the bond as soon as practicable into a ‘REBA Tenancy Bond Trust Account’, or into an individual Tenancy Bond Account held by the Bond Administrator. • Have the bond held in a joint account showing the names of the owner and tenant. In order to do this, bond monies must be lodged using Form 8 (Lodgement/Variation of Security Bond Money). Financial institutions may have their own version of this form. The signatures of both the landlord/agent and tenants must be endorsed on the form. • Keep a record of the bond payment which includes the date, a
