As a renter in Victoria, it`s important to understand your rights and protections when it comes to renting. One option for reducing your rent is a registered rent reduction agreement with Consumer Affairs Victoria (CAV).
What is a registered rent reduction agreement?
A registered rent reduction agreement is a legally binding agreement between a landlord and tenant to reduce the rent of a property to a more affordable amount. This agreement can only be registered with CAV if both parties consent to it.
What are the benefits of a registered rent reduction agreement?
There are several benefits to having a registered rent reduction agreement in place:
1. Affordable Rent: A rent reduction agreement allows you to negotiate an affordable rent with your landlord, making it easier for you to make ends meet.
2. Legal Protection: Once the agreement is registered with CAV, it becomes a legally binding document. This means that if your landlord breaks the agreement, you have legal grounds to take action against them.
3. Tenant’s Choice: A registered rent reduction agreement allows the tenant to choose the amount of rent they can afford, rather than being at the mercy of the landlord.
How to register a rent reduction agreement
To register a rent reduction agreement with CAV, you will need to follow these steps:
1. Draft the Agreement: You will need to draft a written agreement that outlines the reduced rent amount and the period of time the agreement will be in effect.
2. Get Landlord`s Agreement: Your landlord must consent to the agreement and sign it.
3. Submit to CAV: Once both parties have agreed to the terms of the agreement, it must be submitted to CAV for registration.
4. Wait for Approval: CAV will review the agreement and determine if it meets the requirements for registration. If it does, the agreement will be registered with CAV and become a legally binding document.
A registered rent reduction agreement is a great option for renters in Victoria who are struggling to make ends meet. It`s important to know your rights and protections as a tenant and to work with your landlord to come up with a solution that works for both parties. If you`re considering a rent reduction agreement, be sure to consult with CAV and follow the proper steps for registration.