A Tenanted property can be sold by the Landlord or Property Owner. However, there is a process you must abide by to ensure there’s no stress and hassle for all parties involved. Coordinate with your tenant accordingly and keep your lines of communication open.
In cases where a fixed-term agreement is in place, Tenants can stay until the end of the term. If the property is sold before the term is complete, the new Property Owner will become their new Landlord.
The Tenant may request to vacate once they know you plan to sell. If you agree to the lease being terminated, you need to ensure written documentation is prepared, showing that both parties have signed and have agreed upon a mutual termination date.
In the case of periodic agreements where the new Owner does not want Tenants at the property, Landlords are required to issue a notice to tenants as soon as the sale contracts have been exchanged.
For Queensland, a 4-week written notice using a Notice to Leave (Form 12) is required. If the new Owners decide to continue renting out the property to the current tenants, a new tenancy agreement is best practice.
In Queensland, once a property goes on the market for sale, a Notice of Lessor’s Intention to Sell Premises (Form 10) is to be issued to the tenant if you request entry to show the property to prospective Buyers.
In Queensland, putting a ‘For Sale’ sign in front of the property is allowed. In case the Tenant is not comfortable with having the sign, they must inform the Landlord. Landlords may want to take pictures or a video of the interior of the rented property to assist the sale of the premises. In this case, it is essential to consult the tenants and have an agreement put in writing.
Stacey Lee Realty has experienced Property Managers to handle the task of maintaining your investment and ensure your investment is working for you with minimal hassles. Call us today at 07 3399 2966 or visit www.staceyleerealty.com.au