Property 101: Asbestos issues trigger new NSW tenancy agreement from October 2016

Property 101: Asbestos issues trigger new NSW tenancy agreement from October 2016
Property 101: Asbestos issues trigger new NSW tenancy agreement from October 2016

Earlier this year, law changes clarified that it is now a material fact if a home is listed on the Loose-fill Asbestos Insulation register.

Material facts refer to information which affects a consumer's decision about a property and must be disclosed before any agreement is entered into.

From 30 October 2016, the standard tenancy agreement includes a requirement to notify tenants if the premises they want to lease is: on the Loose-fill Asbestos Insulation register, or added to the register during the tenancy.

This information is important to tenants because a property containing loose-fill asbestos insulation could be a health risk.

You can now download an amended version of the standard form residential tenancy agreement, which is for use from 30 October. An addendum is also available to allow landlords and agents to continue to use existing stock of the previous version of the residential tenancy agreement.

You can download a copy of the Frequently asked questions on the changes to the Residential Tenancies Regulation 2010 on the Fair Trading website.

For more information, visit the Fair Trading website here.

Tags: 
Rental market Asbestos

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