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Opinions?

You rent, your rent is due on say Thursday 23rd Oct 2014.

1) Do you make sure you pay your rent on say Tues or Weds before the due date to make sure it is in the landlords account for the 23rd of the month.

OR

2) Do you pay the rent on the 23rd of the month and don't much care when it arrives in the landlords account, as ong as you have proof it has been paid on the due date?

I asl because legislation states the second onee.

Pollyana

Don't know about the legislation but my contract states the rent must be in the agents account by the 23rd/due date.

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Polly, spoke to the RTA today, they CANNOT apply "rent must be in the agents account by the 23rd/due date". If the rent is due on the 23rd, then aslong as you pay it on the 23rd, then its not your problem, its theirs, the fact that they cannot recieve your funds on the same day is their problem.

https://www.legislation.qld.gov.au/L...idTenRAA08.pdf

86 Payment of rent by electronic transaction

(1) This section applies—

(a) if a tenant effects an electronic transaction to pay rent to
the account of the lessor or lessor’s agent on a day; and
(b) does not take any action to defer the payment to the
lessor’s or lessors agent’s account to a later day.
(2) Payment is taken to be received by the lessor or lessor’s agent
on the day the tenant effects the electronic transaction.
[s 87]

Residential Tenancies and Rooming Accommodation Act 2008

Chapter 2

Residential tenancy agreements and rooming accommodation agreements

Part 2 Rent

Current as at 1 July 2014 Page 67

(3) Subsection (2) applies even if, because of circumstances
beyond the tenant’s control, the payment to the lessor’s or
lessors agent’s account happens on a later day.
Example—
The tenant uses BPay to authorise payment of rent to be debited to the
tenant’s account on a Wednesday. However, the financial institution,
because of its internal arrangements, does not actually debit the tenant’s
account and credit the lessor’s or lessors agent’s account until the next
day. The rent payment is taken to have been received by the lessor or
lessor’s agent on the Wednesday.

Dorothy

So why are you asking then?

My rent is due every Monday so I make sure it's paid 2 weeks in advance every Friday - I have automatic payments set up from my bank account for 1/2 and salary sacrifice the other half so it's paid automatically from my employer pre-tax. That way if I'm ever really, seriously not able to pay my rent one week I don't have to worry about it.

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I am asking, basically for an opinion? Why else, not saying whats right or wrong, just stating legistlation and asking an opinion? Why else ask a question? There is a grey area, between rent leaving the tenants account and arriving in the landlords account, i want to hear opinion on the grey area as the RTA outline their stance

spouse of scouse

I suppose if you really wanted to test the waters, you could not send your rent until the due date and see what happens. Can't see that it would be worth the possible hassle, myself.

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Yeh i know. Your right. Just, well spent the last three years paying my rent a couple of days before the due date just to satisfy the "cleared funds scenario". But a couple of weeks ago, my rental changed ownership, but not on the date i was advised, so ended up paying rent in adcanve to the new owner when not needed, and causing me a boat oad of hassle. Just because i was not sticking to legislation and doing the "right thing". So thought i would ask opiions..sometimes uyou can be too organised.

spouse of scouse

I wouldn't know about being too organized, I'd have to be the most disorganized person on the planet!

Pollyana

Same here, pay it a couple of days early as soon as I get paid, don't need the hassle of dealing with the agent and arguing the case!

Buzzy--Bee

The landlord's mortgage money has to leave his account a couple of days early in order to arrive on the due date, so I would suggest it is the same for your rent too.

BB

Bermudashorts

I expect opinion is that most people could not give a toss whether they send their rent on Tuesday rather than Wednesday or Thursday.

old.sparkles

Don't see why though since bank transfers should be almost instantaneous. Also, rent is probably paid to the agents accounts - bet they aren't forwarding it a couple of days early.

spouse of scouse

You'd think that bank transfers would be instantaneous Sparkles, but not all are. I bank with the Commonwealth and use NetBank. If I'm transferring into another Commonwealth account, it's instant. Bankwest, the payment's not processed until 2 days later, and I sent one to a BoQ account once, which took 5 days!

For small real estate agents, having tenants' rent money sitting in their account for a couple of days before they forwarded it to landlords probably wouldn't make much difference, but I guess the interest would add up if it was a huge company!