Leasing Authority Forms

[savoys]

I have a query on what is the usual term of an exclusive leasing & management agreement in Victoria, before I comit .
I thought it would have been 12 months but I notice on the agreement there is a continuing authority period of another 12 months. What happens if you sell during this time or have problems?
Also i have another query on urgent repairs, is authority for the agent to undertake urgent repairs up to $1000 usual?

your advise would be appreciated

 

[callander]

If you are looking at a standard REIV Leasing Authority (Vic). go to page 4 Item 3 Exclusive Agreement. There is no exculsive agency period for managing the property.
So basically if you are unhappy at any time during the tenancy you can change agents immediatly.

The only excusive period in Vic is for leasing so make sure you only have 30 days if they have not got a tenant by then you can go someware else.

With the ugent repairs you can change the figure on the authority and sign where you have made the change.

 

[savoys]

Thanks so much for this. Have done so, and appreciate your reply

 

[zeph34]

Pulling up an old thread...

I'm about to sign the "Exclusive Leasing and Managing Authority: Residential Property" form for my new PM, and am trying to understand it.

There is a section on the front page stating:

Exclusive Authority Period for Leasing

60 days from the date. Continuing Authority Period for Leasing
365 days from the end of the Exclusive Authority period.

What does this mean, and can I/should I change it?

 

[JamesGG]

What does this mean, and can I/should I change it?

In simple terms; the agent has sixty days to find you a tenant, during which time you cannot give the property to another PM. If they don't find one within sixty days, you're giving them up to a year to do so; but, you have the option to get other agents involved or find the tenant yourself.

Generally, 30/60 tends to be most common on these things, in my experience. In most metro areas, thirty days should be more than enough time. As pointed out in a previous post on this thread, there's no exclusive management period and so once the first sixty days expires, there's nothing holding you to that agent.

So, the only reason that I can think of for the agent wanting 365 days beyond the first two months is so that they're still under authority (even if not exclusive) when the first 12-month lease expire... but even then, it doesn't make a great deal of sense.

 

[Superstitionist]

I am quite confused with these things too...

Does the exclusive period one off or applicable to every new tenant...?

Let say the form is signed with 60/365, agent found tenant within the first month, then continue to manage the property, after one year, the tenant leaves, and the same agent look for new tenant again, in this situation, does the exclusive period apply again...?

Super.

 

[callander]

The exclusive period commenced from the date of the Authority

so unless you sign another authority down the track when they search for a new tenant then there is no exclusive period as it expired e.g 60 days from the date on the origional authority

 

[Superstitionist]

The exclusive period commenced from the date of the Authority

so unless you sign another authority down the track when they search for a new tenant then there is no exclusive period as it expired e.g 60 days from the date on the origional authority

Thank you so much for the clarification.

Super.