What is a bond??
Can anybody enlighten me regarding rental properties. Having been looking at realestate website and on the rental properties some ask for a bond of up to $2000. Is this a deposit which is refundable at the end of the rental.
Exactly right...the bond is held by an independant company so that both parties are protected.
Thanks Fiona for quick response. Just needed a little reassurance.
Bye for now
The bond is usually equivilent to around 6 weeks rental.
It is passed to an independant body who hold this money until you leave the rental.
It is used by the letting agency to repair any damage caused whilst you were living there, or say for example you didn't get the carpets professionally steam cleaned when you leave - some of it will be used for that.
Having spoken to a few people with rentals (like me) it appears it is very rare to come out of a rental with all your bond intact so be prepared to lose a few hundred dollars!!!!!
Hope that helps - our bond incidentally was $1650 if that helps!