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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.

 

Absolutely Brilliant!

Peter comes as a highly recommended and well regarded sales agent. The first time you meet Peter you get a sense of professionalism and honestly that is invaluable when buying or selling a home. Peter's vast knowledge of the local area is clear from the onset, leaving you with no doubt that Peter is well versed in all the properties he sells. What we liked most about Peter was his honest and upfront approach; there are no surprises here, Peter is as he is described; personable, reliable, true to his word and extremely trustworthy. Thank you so much Peter for guiding us through our first home purchase.
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- Matthew (Buyer)
Armidale

Efficient and Trustworthy

Peter from Hutchinson & Harlow Real Estate helped us to secure the home of our dreams in a efficient and speedy fashion. He was completely honest and trustworthy in his dealings with us and we can highly recommend Peter and his team whether you are buying or selling. Thank you Peter
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- Lynn & Martina (Buyer)
Armidale

My experience with Peter as sales agent was as good as I expected!

Peter was very clear in what I could expect from the sale of my property. He explained any difficulties which might occur, as well as all possibilities. His knowledge and handling of all matters involved was excellent. I would have no hesitation in recommending him to other clients.
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- Beryl (Vendor)
Armidlae

Excellent sales experience

Clear communication, helpful and always professional.
During the process of selling our home we felt supported.
The sale occurred more quickly and for the asking price so the presale assessment was very accurate.
Will be recommending Peter and his team to other people.
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- Maree & Terry (Vendor)
Armidale