Final answer:
In South Australia, agents are generally required to keep signed leasing and management authority documents for about 5 to 7 years after they have stopped managing a property. Agents should consult current legislation for exact requirements. Failure by residents to vacate property properly can lead to additional charges.
Step-by-step explanation:
In South Australia, when an agency ceases to manage a property, agents are required to keep copies of the signed leasing and management authority for a specific period after the management has concluded. Although the exact duration may be stipulated by regulations that are subject to change, a common period for retaining such records is typically around 5 to 7 years. It's important for agents to be aware of the current legislation pertaining to record-keeping in their specific jurisdiction as these requirements are critical for compliance and to ensure that legal evidence of the agreement is available if needed in the future.
Upon termination of the leasing agreement, it is essential for the premises to be vacated with all belongings removed, and keys and other property furnished for the resident's use returned to the owner. Residents who do not vacate by the termination date or fail to return all possessions and keys can be held liable for additional rent and potential damages, which may include financial repercussions due to the owner's loss of prospective new renters.