Security deposits (bonds) in the Northern Territory

Security deposits / bonds (Northern Territory)

Landlords usually require tenants to pay a security deposit (a bond) before taking control of the property, to protect the landlord if the tenant does not meet their responsibilities. A landlord can ask for a security deposit of up to the maximum of 4 weeks rent.

Receipts: the landlord must immediately issue a receipt if the deposit is paid by cash, cheque or credit card. For an electronic bank transfer, the landlord must issue a receipt within 2 business days after receiving the payment. The receipt must be signed by the landlord or the person who received the deposit and must show the date received, the name of the tenant or tenants who paid, the amount paid by each tenant, and the rental property address.

Two or more tenants: the tenancy agreement must specify how much each tenant paid. Otherwise, each tenant is assumed to have paid an equal amount.

Where the money is held: a deposit paid to a real estate agent goes into a tenancy trust account. A private landlord must hold the deposit in trust, and a tenant can write to the landlord to ask for the name of the account holding it. If a private landlord leaves the Northern Territory for more than 14 days, the deposit must be paid to a real estate agent or to a person approved by the Commissioner of Tenancies, and the landlord must tell the tenant when that happens.

Source: Northern Territory Government - private renters, security deposits/bonds.