NSW Fair Trading Deputy Commissioner Steve Griffin today said proposed tenancy laws would require landlords and agents to disclose certain information about a property to prospective tenants.

Mr Griffin said under the proposed Residential Tenancies Regulation 2010, prospective tenants would need to be told if a serious crime had been committed at the premises, if the property was being sold, if there was legal action pending to repossess the property, or if there was a serious safety risk at the premises, such as lead paint or asbestos.

“Other key elements of the draft regulation include: important new water efficiency measures that landlords will need to implement to be able to charge tenants for water; and, a new userfriendly standard tenancy agreement and condition report,” he said.

Mr Griffin said this would be the biggest change to the state’s tenancy laws in more than 20 years.

“The draft regulation has been released for public comment and will support the introduction of the Residential Tenancies Act 2010, when it comes into effect later this year,” he said.

“I urge New South Wales tenants, landlords and the real estate industry to have their say on the draft regulation.

“There are more than 100 important reforms to the NSW tenancy laws contained in the new legislation and the proposed regulation provides a modernised and updated framework to enable these important changes to commence.”

Mr Griffin said the Residential Tenancies Act and the proposed regulation fairly balanced the rights and obligations of landlords and tenants.

“There are approximately 800,000 rental properties in NSW and tenancy laws affect almost everyone at some point in their lives, whether as a tenant or a residential property investor,” he said.

NSW Fair Trading is delivering free information sessions around the state. For information about dates and locations contact Fair Trading on 13 32 20 or at this website.

A copy of the draft regulation can be downloaded from the NSW Fair Trading website.

Comments on the draft regulation can be lodged with NSW Fair Trading until 15 October 2010.

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