Renting : Useful Definitions

USEFUL DEFINITIONS

To assist your real estate education, these are the definitions of terms in the tenants version of this guide reproduced from, "Renting a Home in Victoria: Information for newly arrived migrants and refugees".

Bond :

A refundable security deposit that is paid at the start of a tenancy and is repaid at the end of the tenancy unless a tenant damages the property or fails to pay the rent. The bond is usually equal to one month's rent. The landlord or agent cannot spend this money.

The Bond is returned to the tenant in full at the end of the tenancy unless the landlord or estate agent makes a claim for damages that the tenant may have caused to the property or there is unpaid rent. This can only occur if the tenant agrees to that claim and VCAT orders that part of the bond to be returned to the landlord.
Bond Claim Form: When a tenant moves out of the property, the tenant and landlord sign a Bond Claim Form for the money to be released from the Residential Tenancies Bond Authority.
Bond Loan Scheme: An interest-free loan paid by the Victorian Government Office of Housing that covers all or part of the cost of the bond. At the end of a tenancy, the landlord or estate agent will apply to the Residential Tenancies Bond Authority for the bond money to be repaid to the Housing Office. If the landlord or estate agent withholds some of the bond because of unpaid rent or damages, the tenant is still required to repay the Bond Loan to the Office of Housing.
Bond Lodgement Form: When a tenant pays a bond, both the tenant and the landlord or estate agent must sign a Bond Lodgement Form, which is sent with the bond to the Residential Tenancies Bond Authority.
Condition Report: A checklist of the condition of the property (inside and outside) when a tenant moves in. At the end of the tenancy, the Condition Report is used to decide whether there are any cleaning or damage costs the tenant might have to pay.
Discrimination: Treating a person who has certain personal characteristics (including gender and religion) less favourably than a person who does not.
Estate agent: The person who acts on behalf of the landlord to rent a property to a tenant.
Landlord: The person who rents a property to a tenant.
Property: Buildings such as houses, units, apartments or flats that people rent or buy.
Rent: The money that a landlord or estate agent receives from a tenant.
Residential Tenancy Agreement: This is also known as a lease or an agreement. An agreement is a legal contract that you sign when you rent a property that outlines the terms and conditions of the tenancy. The Residential Tenancy Agreement is usually in writing but it can also be a verbal agreement to rent a property.
Residential Tenancies Bond Authority (RTBA): The RTBA holds all residential tenancy bonds in a neutral capacity as a trustee for landlords and tenants. The RTBA can only repay bonds as agreed by the landlord and tenant or as directed by VCAT or a court.
Sponsor: A person who undertakes to provide a wide range of settlement support for a sponsored migrant.
Tenant: Someone who pays rent and has a Residential Tenancy Agreement to live in a property.
TIS: Translating and Interpreting Service, better known as TIS. It is Australia's only national translating and interpreting service. Ph 131450.
Victorian Civil and Administrative Tribunal (VCAT): This Tribunal is an informal and inexpensive way to resolve disputes between a tenant, landlord or estate agent.