What is a lease?
A lease generally refers to a contract or a charter. A lease refers to a contract in which land, property, service and other goods are conveyed by a party to another one for a specific time with a return as a periodic payment. Rent refers to the regular payment made to a landlord for the use of the property like land or a building by an occupant or a resident.
With the respective meaning, lease and rent might sound similar but the lease is an agreement made for a long period whereas rent is usually for a short term. Rent can be influenced and interrupted but a lease is backed up with a contract with points of agreement.
The variance between a lease and rent
The parties involved in the lease are lessor and lesse whereas a tenant and landlord are concerned for rent. The terms of a contract cannot be modified unless it gets invalid but the term of a contract for rent can be interrupted by a landlord. There can be an offer to buy the property or asset with payment of the residual amount in case of the lease but the rent doesn’t have any such offer that comes at the end of the contract. In this way, a lease can be a futuristic step taken whereas rent is a give and take the relationship between landlord and tenant. Rent can be an oral or written agreement but a lease is written a contract with its variances and a long term existence too.
Signing a lease in Australia
It is necessary to know about the laws of respective states before signing a rental lease or any other form of lease. Ast is an agreement, there needs to be a proper framework for making it work out well with no further confusions or delay in decisions. There has to be a commitment for six months or a year to renew an agreement. There has to be a tenancy agreement. You must know the address, location, and periphery of the property and bond amount to be paid. You also must be familiar with the frequency and interval as well as the duration for the agreement.
The lease is a long term agreement for which alertness needs to be made before agreeing as you have to move accordingly with the contract after then. Here are a few things mentioned to be kept into consideration before you sign a lease:
- Written clauses need to be presented with a contract based format and agreement of both the parties
- Build a good relationship
- Make the alterations related clauses clear to find out what changes can be made to the property
- Know about the landlord’s reach for the leased property
- Visit the parking section and know what extensions can be made during the time
- Visit the property in various schedules
- Appliances and fixtures need to be checked beforehand
- Condition of the property must be documented
- Know the termination policy from every possibility
Payment of rent in Australia
Unlike other countries, there can be policies like weekly rent payment in certain states for which you need t know the policy before. Rented rooms or area demands frequent payment rather than all at a time. Thus, rent is a major economic expense in your life unless you become the owner of the area you live in or the place to be made yours. Rent can be allocated for a week, fortnight, month, once every three months or any other ways for which ahead discussions must be done with the fluctuations which might occur during your stay.
How can you make the payment?
In the era of bank and commercials, meeting a landlord once a month might not be practical as cash isn’t highly preferred by the people. Rather, a lot of alternatives are presented to carry out your transactions, the payment for rent or lease can be made in the following ways:
- Direct debit
As the name suggests, the amount of rent is directly debited from your account within the due date. With this, you don’t have to worry about the payment as the agent or bank organizers will do that on their own within the criteria set according to you. The thing that you need to do is check your balance so that the rent expenditure can be met by the authority. Or else, you have to bear the loss for not being able to make timely payments.
- Manual payment
Manual payment refers to the procedure of making the payment by yourself. It is good when you have a fluctuating income with no consistent amount in your account each week/ fortnight or a month. You have to be conscious about what needs to be done further and walk accordingly with the time and balance.
- BPAY
It is a type of electronic payment where the payments are made manually. The payment can be made by your phone or the internet. You have to contact your bank and get a password to set up BPAY. The rental account number, as well as biller code, will be provided by your agent.
- RentPay
You can make the payment for your rent by using the bank account as well as your credit card. An autopay schedule needs to be set to make an automatic payment, every time. You can also perform ad-hoc payment from your bank account through the RentPay website. You can contact support@rentpay.com.au or give a call on 1300797933 to discuss the benefits of becoming a rentPay agent to make your agent get into it.
- Paying in person
This is a practical one only if you live around your agent’s office and can meet in person every time you need to make a payment. The cash, as well as cheque, can be provided in this case where the pay would be entered on your rental ledger with an issue of your receipt against your payment. In this way, the payment can be entered as well as a valid receipt can be made for your payment.
Besides, there are other online methods like Paypal to make the payment. As a whole, you can make payment by cash, cheque, cashier’s check or a bank draft, email transfer or money order. With these very options, make sure you make the right payment.