Brian Cannan: Andrew explain to me "Material Fact" in property management.
Andrew Coulson: The residential tenancies act defines clearly what it considers to be material facts. These are pieces of information that must be disclosed to a tenant before they sign their lease. So if we're aware of a piece of information such as if the owner intends to sell the property or has a contract for sale in effect that fact needs to be explained and disclosed to the tenant prior to them taking a lease. Likewise, other terms that would need to be disclosed, if there was a bush fire or a flood that affected the premises within the previous five years. If the premises had been subject to a health issues such as mold or vermin. If there had been a serious or violent crime within the property in the last five years. If the garbage collection was going to be different to what the tenant may expect or if a parking permit was required in some council areas or if a right-of-way exists over the property, then that needs to be disclosed to the tenant, and you would need to do that best at the point of application when they show interest in the property by completing the form and attaching that to the application form.
Brian Cannan: Ok. Thank you Andrew.
© Think Real Estate 2020