If a term “fixed” is chosen, the tenancy agreement can be pursued at expiry if the landlord and tenant wish to do so. In some jurisdictions, the law requires it to become a term lease, usually from month to month, although this may vary. In other jurisdictions, the fixed-term lease may become an “at-will lease” or a “tenant with suffering” if it expires, which lasts only the length of time desired by both parties and is not subject to as important legal protection as a periodic tenancy agreement. If you wish to terminate all rights to a fixed-term lease as soon as the lease expires, you must admit it correctly before the term of the lease expires, in accordance with local status. A loan bond/guarantee is an amount that the tenant pays to the lessor to ensure that the tenant fulfills all obligations arising from the tenancy agreement. The lessor holds the deposit for the duration of the trust lease to ensure that the tenant is not in default under the terms of the tenancy agreement or that he is damaging the property. If the tenant damages the property (without normal “wear” or if the tenant has not paid rent, the tenant has the right to recover the amount due from the deposit. As a general rule, the tenant must make the deposit available to the landlord at the beginning of the term of the tenancy agreement. At the end of the term of the tenancy agreement, the tenant recovers the deposit reduced from any deductions for repairs/restorations. Landlords are required to subdivide each tenant with a copy of a written tenancy agreement. The standard form agreement not only provides room for parties to complete the relevant details, but also easily lists some of the conditions that must apply to all agreements under Victorian law. In Victoria, if the rent is less than or equal to $350/week, the maximum obligation is equivalent to one month`s rent. The lessor can apply to the Victorian Civil and Administrative Court (VCAT) if he wishes a higher loan.
As a general rule, a higher loan is only allowed if the lease provides that the premises are the landlord`s usual place of residence and the tenant occupies the premises only until the landlord returns or when the rent is above $350.00/week.