Locked in Long Term Contract

[oleo86]

My situation is as follow,

I had an IP that I rented out for 3 years, it has been running for a year now. I am thinking of selling the property out.

Is this possible ? Do I need to break the contract or should I just sell it to other property investor out there?

Thanks Guys for your help.

 

[Ausprop]

what offences and penalties will you incur by breaking the contract? how do you break it anyway? send the boys around there and hurf them onto the street???

 

[marg4000]

It may be different interstate, but in Queensland existing leases have to be honoured by the purchaser, which restricts your sale to an investor.
Marg

 

[oleo86]

Thanks marg4000! I am in NSW by the way.

 

[Mooze]

Is it legal to have a residential lease of more than 12months in NSW?

 

[handyandy]

I though the maximum res lease was 2 years.