From: John P
Hi folks, I need your recommendations / opinions on the following:
I bought an IP and have put a holding deposit down.(Have not exchanged yet but thinking ahead, so assume I have exchanged) The vendor has said that he would like to delay settlement until the end of the financial year and will be moving out in 2 weeks. He would like to rent the place up until then and when settlement takes place I would obviously inherent the tenants which we have agreed to screen together.
Here’s my dilemma:
I would like to get in there and touch the place up a bit because I believe I could get an extra 10 dollars a week rent (Every penny counts). He has agreed to have it vacant for a week for the necessary improvements. Remember folks, my aim here is to make the place more marketable for tenants when it is opened for inspection. I guess what I am trying to say is that whilst I have bought IP’s before, I have not done it under this current arrangement and it just seems weird/awkward going and fixing the place up (myself) between the exchange of contracts and settlement. The improvements are definitely not major but one of the things I want to do is put a mirrored built in wardrobe in the master bedroom and I fear that if something should happen between exchange and settlement, what happens to the wardrobe and any other capital improvements?? Can they legally take possession?
I would welcome ANY suggestions on this matter
Many Thanks
John_P
Hi folks, I need your recommendations / opinions on the following:
I bought an IP and have put a holding deposit down.(Have not exchanged yet but thinking ahead, so assume I have exchanged) The vendor has said that he would like to delay settlement until the end of the financial year and will be moving out in 2 weeks. He would like to rent the place up until then and when settlement takes place I would obviously inherent the tenants which we have agreed to screen together.
Here’s my dilemma:
I would like to get in there and touch the place up a bit because I believe I could get an extra 10 dollars a week rent (Every penny counts). He has agreed to have it vacant for a week for the necessary improvements. Remember folks, my aim here is to make the place more marketable for tenants when it is opened for inspection. I guess what I am trying to say is that whilst I have bought IP’s before, I have not done it under this current arrangement and it just seems weird/awkward going and fixing the place up (myself) between the exchange of contracts and settlement. The improvements are definitely not major but one of the things I want to do is put a mirrored built in wardrobe in the master bedroom and I fear that if something should happen between exchange and settlement, what happens to the wardrobe and any other capital improvements?? Can they legally take possession?
I would welcome ANY suggestions on this matter
Many Thanks
John_P
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