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Living in a Rental Property Being Sold

Living in a Rental Property Being Sold

  • 28 Aug 2017
  • Meg Georkas

First things first – don’t panic!

Just because the owner is putting the property on the market, it doesn’t mean you’ll be forced to find a new place to live in. The reality is that many owners buy rental properties as an investment and, like any investor, if there is an opportune moment to sell, they will want to take it.

So what do you need to know?

  1. Agent arranges a pre-listing inspection of the property with the Tenant in anticipation of the listing.
  2. Property gets listed by Agent. Landlord / Selling Agent notify the Tenant (in writing) giving the Tenant the required 14 days notice before any marketing commences.
  3. Agent and Tenant agree on inspection times allowing for the required 48 hours notice. (Agreements should be documented and signed by both parties).
  4. Tenant is required to prepare the property for photography removing any items they do not wish to have photographed and put on the internet.
  5. Agent advertises and markets the property.
  6. Agent conducts inspections (either through Open for Inspections or By Private Appointment).
  7. During this time, the Agent will contact the Tenant as some prospective purchasers may wish to have building and pest inspections completed, giving 48 hours notice.
  8. Once a sale price has been agreed by the Owner, the Contracts are exchanged.
  9. Once Contracts are exchanged, the Landlord or Managing Agent gives the Tenant 30 days written notice and advises the settlement date and the date the property must be vacated.
  10. The Selling Agent should also advise Tenant that the property has been sold and the proposed date of settlement, advising the tenant to contact their Managing Agent for next steps.
  11. Tenant is required to provide access to the Purchasers’ Valuer for the purpose of valuation (48 hours notice is required).Tenant is required to provide access to the Purchaser for a final inspection prior to settlement (48 hours notice is required).
  12. Tenant vacates property ensuring they have met the requirements of their current Lease in regards to cleaning, rubbish removal, repairs and garden maintenance (if applicable) in order to get their bond back.

Click on the link to find out more information. https://www.tenants.org.au

Opinions are those of Meg Georkas and may not reflect those of others.

 

High Quality & Exceptional Service!

Peter, Ali and the team at Hutchinson & Harlow were excellent to work with. We were provided with outstanding level of professionalism and service. Hutchinson and Harlow have a good understanding of the real estate market in Armidale and surrounding regions. Their sales and marketing approach was fantastic, attracting a lot of interest and providing us with a sale at the right price quickly. Ali was brilliant to deal with. She kept us will informed, catered to our needs and made selling the house a seamless experience.

- Leah Cook (Vendor)
Armidale

Reliable and Honest Agent

Peter Georkas was honest, upfront and he and his team were friendly and efficient. Selling a property is a big decision and I felt supported and included in the process at every step of the way. Peter is a warm agent who acts with integrity. I would highly recommend him and his team.

- Zeva (Vendor)
Armidale

Brilliant agent!!

For many years we have bought and sold with Peter and the HH team..we wouldn’t consider using anyone else..
The service is professional, yet friendly..at all stages of the buying and selling processes the clients are kept up to date...
All members of the team are delightful, friendly and helpful..
We can confidently state that the HH team will be the right choice for you..
Don’t waste your time shopping around-go straight to the professional team with years of experience...you’ll be glad that you did!!

- Justin & Vanessa (Vendor)
Armidale

Ali sold my investment property

Ali sold my investment property in April 2018. I would recommend Ali from H&H. H&H held regular open houses and were following up with all enquiries on the home.

- Patricia (Vendor)
Armidale