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Rental Bonds. What Are They?

A rental bond is a predetermined payment, paid by the tenant, to the landlord or rental agency. The amount varies but is often the equivalent of 4 weeks rent if the weekly rent is $700 or less. If the weekly rent is above $700 per week there is no bond amount limit. A bond is not the same as rent paid in advance, but is paid in addition to any advanced rent payment. The payment of a rental bond is designed to provide security to the landlord for any breach of contract by the tenant in relation to care and maintenance of the property. Read more