Property owners given one year to register residential rents contracts made this year or before
Four days after the rent law was unanimously enacted by Parliament, the Housing Authority’s chief executive Leonid McKay stated that various property owners have already contacted the authority to be informed about their obligations and rights in the new legislation.
Mr McKay told TVM that the residential rents contracts made this year or before, will be given one year to be registered. By the 1st of January 2021 every rent of a residential property has to be registered with the Housing Authority.
He added that the new rent law provides incentives to long-term residential rents and each rent cannot be less than one year and has to be registered on an online system.
“Every rent has to be registered except for those rents that started before June 1995. Together with registration, the person should indicate the deposit together with the place inventory”.
Mr McKay told TVM that the legislation will establish an arbitration board to decide on emerging issues between the owner and the tenant, such as problems on deposits, damages made by tenants and when a rent is not paid.
Contracts signed this year also need to be in conformity with the new legislation. Those of this year or before may be registered next year.
Mr McKay expressed his satisfaction that many owners have already contacted the Housing Authority to be informed about their benefits and rights, adding that the authority will invent more on enforcement to ensure that owners and tenants abide by their obligations.