Do Law Changes Apply to You? - EP061
There are two sides to every story, and the new provisions of the Residential Tenancy Act Overhaul have consequences—good and bad—for both tenants and landlords. In a perfect world, real estate law would strike a balance that protects all parties involved. Today, Toni looks at the proposed changes through both lenses, exploring which provisions seem to favor landlords and which ones champion tenants. Toni begins by explaining the modifications that influence bond, including the measure that will restrict landlords from charging more than one month’s rent for all tenancies under $760 per week, and a mandate that will afford tenants their full bond if no claim is made within 14 days. She goes on to discuss new laws that require landlords to disclose the presence of asbestos as well as their future plans to sell the property. Toni covers several changes that seem to favor tenants over landlords, such as a proposed ban on rental bidding and the requirement that landlords offer a reason for termination of tenancy. She takes a closer look at the provision that will provide faster reimbursement for tenants who pay for urgent repairs and the measure that allows tenants to make ‘minor property modifications.’ Toni concludes the episode by exploring the difficulty of defining terms like ‘reasonable’ and ‘minor modifications,’ and her disbelief around a change that prohibits landlords and agents from lying to tenants. Listen in to understand the Residential Tenancy Act Overhaul and how it is likely to impact you! Topics Covered Who is affected by the impending overhaul to the Residential Tenancy Act The proposed changes around faster payments and rental bonds Surprising new laws regarding asbestos and deceptive representation The fairness of requiring landlords to inform tenants of future plans to sell The landlord and agent ‘blacklist’ How restrictions on rental bidding disadvantage landlords How proposed changes to rental pricing benefit tenants The pros and cons of requiring landlords to give reason for termination of tenancy The problematic vagueness of ‘minor property modifications’ Learn More About the Residential Tenancy Act Overhaul Links to articles about proposed law changes can be found at: https://www.broadsheet.com.au/melbourne/city-file/article/new-tenancy-laws-victoria http://domainandco.com.au/residential-tenancies-update https://www.vic.gov.au/property-planning/real-estate-property/renting-leasing-tenancy.html Try to identify any bias, either towards landlords or tenants. And remember, consumers have their say whether as a tenant or as a landlord. This is a State Government issue, so all it takes is a phone call to your local member to make your voice heard. Visit the Real Estate Institute of Victoria at https://reiv.com.au/. If you have additional questions or suggestions for future podcast topics, email Toni at email@example.com, and take advantage of her resources for beginners in real estate at planinsek.com. Additional information regarding Toni’s real estate business can be found at planinsekproperty.com.au, and her business email is firstname.lastname@example.org.