Definitions of frequently used words
Share Accommodation
Landlord
Rent
Security Deposit
Rental Bond Board
Lease/ Tenacy Agreement
Share Accommodation
Share accommodation is a private arrangement between individuals. This often involves the sharing of a common living area, facilities, and your own private bedroom. Your arrangement may be with the owners of the property or you may be leasing the property from someone else. You should be aware that you may not be required to sign a lease/ tenancy agreement, which will mean you will not get the same legal protection that you may get by signing a lease/ tenancy agreement.
Landlord
A person who grants the right to occupy residential premises, and includes the person's heirs, executors, administrators.
Rent
Rent is the money paid to the landlord by the tenants a consideration for living in the property. It is usually paid weekly or fortnightly either directly to the landlord or paid into a bank account. Tenants should make sure they receive receipts for any rent they pay. A receipt may also take the form of a bank statement or stamped deposit book.
Security deposit
A security deposit, also known as a bond, is required to be paid by the tenant to the landlord at the beginning of a tenancy (when you move in). A landlord can ask for four weeks rent as a security deposit for an unfurnished place and up to six weeks rent for a furnished place. The bond is the landlord's security against damage to the property. The landlord may be able to recover some or your entire security deposit if you damage the premises or do not pay the rent. The security deposit may be lodged with the Rental Bond Board (see below). For more information, read the Rental Bond Act 1977 (open an external site).
Rental Bond Board (RBB)
The Rental Bond Board is a part of the Department of Fair Trading, a government agency in NSW. All bonds must be sent to the RBB within seven days of being paid to the landlord. For more information see Rental Bond Act 1977 (open an external site).
Lease Agreement or Tenancy Agreement
An agreement between a tenant and a landlord which is a written agreement that outlines the conditions under which a place was to be rented by a tenant such as the amount of rent to be paid and for how long. You may be required to sign a lease or tenancy agreement.
