A Landlord’s Obligations When Selling Tenanted Property
Sometimes simply renting out a property just doesn’t generate enough revenue to account for the cost.
When you decide to sell, decide that you’re going to enlist the assistance of Brisbane Conveyancing to
make your transition a smart one. Perhaps you’ve grown tired of the responsibility of owning the
property and want to wash your hands of it, or maybe you’ve just decided to move overseas and don't
want to manage it from abroad. Whatever the reason, you have several responsibilities toward your
tenants regarding the sale of the property they're renting, and these should be followed to the letter to
ensure the quick and efficient sale of your tenanted property.
Tenants may not own the property they're living in, but for the duration of their contracted stay, they
are afforded certain rights regarding that home. First and foremost, when a landlord decides to sell their
home, they are obligated to inform their tenants by providing them with a ‘Notice of Lessor Intent to
Sell Premises’ Form 10; obviously they can give them informal notice verbally first, but the form is a
requirement in order to sell tenanted property. Conveyancing Gold Coast can help owners to fill out this
form with all the proper information, including a detailed listing of the owner’s plans as far as marketing
the property. Additionally, if the property is currently under bank-mortgage and the bank agreed to the
conditions of the rental, they too must abide by the terms of the agreement. If the contract is periodic,
the bank must give the tenants a two month notice; however, if the bank did not agree to the tenancy,
they must submit to the renters a Form 19, ‘Notice to Vacate from Mortgagee to Tenant.’
Furthermore tenants must agree, in advance and in writing, to any open-houses or on site auctions held
by the owner, as well as be given an ‘Entry Notice Form’ with appropriate notice period prior to the
owner or agent selling the house being authorized entry thereto. If an owner is planning on marketing
their property using photos, which is obviously the best strategy, they must be sure to obtain their
tenant’s permission before publishing any pictures which contain the renter’s personal property therein.
If a tenant has been living in the property for less than two months and was not informed of the owner’s
intention to sell prior to signing the rental contract, they have the right to terminate the leasing contract
with two weeks’ notice.
Of course, if you have any questions regarding your legal, as well as ethical, obligations to your tenants
should you decide to sell the property, Brisbane Conveyancing solicitors are always available to provide
you with the answers you need. Selling a property isn’t always easy, with or without tenants, and
Conveyancing Gold Coast can make sure you do it right, the first time.
http://www.ownitconveyancing.com