The Residential Tenancies Bill Is Still Not Yet In Effect
February 4, 2019 Uncategorised
During the end of last year the Andrews Government passed the Residential Tenancies Act. This new Act is the most comprehensive change the residential tenancies have experienced in twenty years.
The extremely multifaceted and complex piece of legislation has not yet commenced, meaning the Residential Tenancies Act 1997 still remains the law.
The Government will be working closely with the REIV and other stakeholders within the industry to develop a range of guidelines that sit alongside the Act, making it more practical and comprehensible. This long-winded process has not yet started. The Government has predicted that this process could take as long as 18 months, therefore the new Act may not come into effect until July 2020.
The REIV is working with the Government and Consumer Affairs Victoria to ensure this process is timely but also comprehensive, effective and fair – with a high importance been placed on the REIV committing to getting the regulations right for the industry.
Once the Regulations come in to place, the REIV will then provide the necessary training to members and Real Estate businesses to ensure they have accurate information and the new laws are understood.
For more information on where this Act currently stands click HERE.