Residential Tenancy Agreements are legally binding contracts. However, tenants can break the Agreement and vacate the property before the fixed term expires. If the tenant breaks the Agreement, tenants are responsible for the following:
- rent until the date a new tenant takes over the property, or until the fixed term expires (whichever happens first)
- any advertising costs
- a portion of the owner’s costs towards a letting fee.
It is important to note that the landlord and agent must make reasonable efforts to minimise any potential losses the tenant may suffer in this situation.