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There’s a lot of mis-information out there when it comes to buying a property with a lease in place and it’s important to do your homework before you purchase a tenanted property.
A tenancy agreement does not automatically end when a rental property is sold. The purchaser takes on any agreement in place prior to taking ownership.
The tenant must be advised if the property is to be listed for sale, and they will be aware that a new landlord could be on the cards. If you are the Seller, you will need to ensure that your Property Manager is looking after the details of who needs to be advised and what paperwork may be involved.
Selling a tenanted home with a sales agent means that there needs to be a great relationship between your property manager, tenants, Sales Agent and yourself. An experienced sales agent can ensure that tenants are being looked after and given timely information so they can feel like they aren’t forgotten in the process. Happy tenants are also more likely to feel happy to have us over to show people through the property which is always the best scenario.
If you are looking to purchase a tenanted property, be sure to ask if the lease is for a fixed term, or periodical. If you are keen to keep the tenants after their current lease has ended, it’s good to know what timeframe you need to receive or give appropriate notices. If you are intending on moving into the property after the current lease has ended, be sure to talk to the sales agent to ensure you know about your rights as an owner, and the tenants’ rights to make the transition as smooth as possible.
If you’d like to talk more about selling your tenanted property, call Kath on 0458 912 906.
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