Rent is the money paid regularly by a tenant to NOVARIC Ltd. in return for the right to use a premises.
The residential tenancy agreement will detail the amount of the rent and when it should be paid. The tenant and landlord are free to agree about the amount of rent and when it will be paid. In our case, the rent should be paid every “30th” or “31st” of every month for the upcoming month. The RENT is paid in advance EVERY month!
Paying rent is probably the most important part of the tenancy and the area where issues most commonly arise. People are naturally careful with their money and properties.
Receipts and Records
Keeping a record of rent payment is a crucial first step for tenants and NOVARIC Ltd. in securing the tenancy and preventing any disputes occurring later.
The receipt should have the following details:
- Date of payment
- Period payment relates to
- Name of person paying the rent
- Name of person receiving the rent
- Amount of rent paid
Changes in Rental Rate
NOVARIC Ltd. is allowed to increase the rental rate. If the tenancy is for a fixed term, the agreement must allow for an increase for NOVARIC Ltd. to do so. In most states and territories, the tenant must be given 30 days notice of an increase.
NOVARIC Ltd. and tenant can agree to decrease the rent at any time by mutual consent.
NOVARIC Ltd. and tenants have to agree to make payment of rent ‘without deductions’ or ‘free of all deductions’. When these words are used in the agreement, it means that the tenant cannot put-off payment of rent because of a debt owed to the tenant by the landlord.