Residential tenancy agreements are legally binding contracts. However, if a tenant wishes to break the agreement and vacate the property before the fixed term expires, the tenant is responsible for the following:
- paying the rent until the date a new tenant takes over the property, or until the fixed term expires (whichever happens first),
- any agreed advertising costs.
It is important to note that the owner/agent must make reasonable efforts to minimise any potential losses the tenant may suffer in this situation.