After your lease agreement with your tenant and upon them vacating the property, you agent will perform one final condition report of your property. At this stage, you will have ten days to lodge a claim with the Residential Tenancies Bond Authority (RTBA) to claim for damages.
The tenant will be contact and if you and them can get on the same page, an assessment will be made on how much it will cost to have the damages repaired by a professional and you will agree on a deduction from the bond. You will send of the bond claim off and focus on getting the repairs done. Something to remember is that it is illegal to ask a tenant to sign a bond claim without the amount you intend to claim, so make sure you have all your quotes in place and written up on the claim form before any signatures.
If things don’t run as smoothly and you fall into dispute with your tenant, your agent will do everything in their power to mediate the dispute and come to an agreement. If this fails, then your agent will apply for a hearing at the Victorian Civil and Administrative Tribunal (VCAT). If VCAT find the hearing in your favour they will direct your agent to send the bond claim to the RTBA and you will receive your funds.
Whether it be through an agreement or directed by the tribunal, once the bond claim form has been processed with the RTBA you will receive your funds within two to three working days. Sometimes this process can draw out of a couple of weeks and sometimes it can be all done in days, either way, just remember that acting swiftly is the key to get on top of the works and your next tenant in.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.