How do lease agreements work in Cubbi
A lease agreement is a legally binding agreement between the owner and tenant that has the terms to the tenancy like rent, how it's paid, lease type, lease length, special conditions, all that jazz.
Each state in Australia either has a specific template or specific terms that must be part of the lease agreement as stipulated within the Residential Tenancy Act (or Regulations) per state. Lease agreements in Cubbi are in accordance with the state or territory's requirements and therefore 100% legal.
An owner can easily create a lease agreement in Cubbi to be signed online by all parties. We use esignatures to ensure the signatures are legally binding and complete with an audit trail if ever required. The lease agreement is between the owner and tenant and therefore Cubbi is not part of any lease agreement generated in Cubbi, rather Cubbi facilitates the process to make it simple.
When a tenant first moves into a property through Cubbi the owner approves the tenant and completes the tenancy terms. A lease is generated for signing by everyone. More info. When a tenant is moving into the property they are also provided with the tenant handbook as required by the Residential Tenancy Act.
Lease term changes and renewals
90 days out before the lease end date Cubbi notifies the owner and tenant about their options. Note: The tenancy does not end automatically after the lease end date, it rolls over to periodic (month-to-month) lease.
If a tenant and owner agree to a new fixed lease (contract) period a new lease can be created and signed online.
If the owner and tenant agree to any other changes during a lease, like special conditions (if say an owner has agreed to a pet) or changes in rent terms a 'Tenancy Term Changes' document is generated and signed by all parties. This forms as an extra agreement on top of the currently signed lease agreement.