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Landlords put on notice - 29th Sep 2017

Landlords put on notice

BONDS FAILURE COSTS LANDLORD NEARLY $40k

Landlords are being warned not to overlook lodging bonds as a new Tenancy Tribunal ruling shows that failure to do so can cost tens of thousands.

By Miriam Bell

An Invercargill landlord has been ordered to pay a total of $38,713.76 in exemplary damages and costs for failing to lodge bonds.

Under the Residential Tenancies Act (RTA) landlords have to lodge any bond monies with Tenancy Services within 23 working days of receipt.

But the Tribunal has just found that Murray Baird, who is the sole director of Strathvale Investments Limited (SIL), received bond monies from tenants for 54 separate tenancies and did not forward it to Tenancy Services’ Bond Centre as required.

Alongside the $38,713.76 awarded by the Tribunal, SIL is restrained from committing further similar breaches of the RTA for five years.

Click here for the full article.

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