Here's a funny one

[phm]

Hi there.

I have an interesting scenario with the IP we are buying.

The contract stated that the the property had a tenant with a fixed term - three months tenancy starting 12th Jan 03. (To me that means that they have to stay until 12th April.) Settlement for this property is 28th March. The PM advised that the tenant is moving out and had given the appropriate notice, and they were moving out on the 27th March. She showed me the form and it had the period of tenancy written in biro, with the leaving date "whited out" and changed to 27th. No initialling, no nothing. Interesting.

The PM has since been ringing me about a new tenant wanting to move in on 4th April. The new tenant sounds very good. The PM, at one time contacted me to advise she had been in touch with the current owner (until 28th anyway, but perhaps with a slight extension to that date), and had sought and received approval for this new tenant to go in . I VERY POLITELY advised her that, according to the contract that we had signed, the vendor did not have the authority to do that. (According to my interpretation of the contract anyway.

Lucky it sounds like a good tenant. But, the things that you see and learn!!!!

 

[D.T.]

Hehe sounds like an interesting situation of the date was modified by the tennant with white-out lol.

Just as a slightly related question... if the tennant was on a 12 month lease and one was to purchase the property at say the 6 month mark, would that tennant still have the same lease or could the purchaser set a new one with different terms and conditions?

 

[Glenn]

Hi Dave,

In this instance, the new owner would have to honor the existing tenant's lease.

Glenn