What Is A Rental Bond, And How Does It Work?

A rental bond is a security deposit paid by a tenant before moving into a rental property. Typically, it equals several weeks' rent and acts as financial protection for landlords. The bond is held in a government-regulated bond authority to ensure transparency. At the end of the tenancy, the bond is refunded to the tenant if the property is in good condition. Landlords may deduct amounts for repairs or unpaid rent. It serves as a vital financial safeguard, encouraging responsible tenancy and ensuring landlords are compensated for any property damage or breaches of the lease agreement. 

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