“I’m moving to a new house soon. Can I transfer the bond from one property to another property?” – Peta
Can you transfer the bond?
We asked managing director at Real Property Manager, John Gilmovich for his advice:
“Most state Rental Bond Boards do accept transfers of bonds between properties or a new address and their landlords/managing agents,” he said.
“However most agents/landlords do not see this as any benefit to them and as such normally decline this practice before you vacate the property as it imposes a risk to them of making a claim on the bond e.g. poor cleaning or damage.”
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John said that at the same time, your new agent or landlord will want their rental bond paid before you take occupancy at the new address and will not give you occupancy until such time you have paid down the bond and your rent in advance.
“Both management agents or landlords may feel that they have a lack of or no control over your rental bond transfer and it is for this reason that they generally decline a transfer,” he said.
John said there may also be a difference in the bond value, which may require a top-up or possibly a refund of a portion of the bond that doesn’t equal to the total value of the new rent.
“This also poses more administrative workload,” he said. “In the majority of cases, the new landlord or agent will seek you pay the bond in full rather than rely on a transfer.”
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