New tenancy agreement for new property

Hi All,

We have just bought a unit in Sydney that is currently tenanted. The property settles on Monday (22 Dec). Now the current property manager is useless, and kept assuming we would continue using them and did not provide us with any details.

We have spoken to the tenants and have decided to directly engage with them and manage the property ourselves.

Can anybody please outline the process we need to go through to have a new tenancy agreement in place? Do we need to have this agreement in place prior to settlement?

How can we get all the rent paid in advance and the bond transferred etc from the existing property manger? As mentioned earlier they are completely useless and do not respond to emails or calls.

Thanks in advance for your advice.

You don't make a new tenancy agreement; you simply transfer the existing agreement to new management. The fact that you don't know this, and that you don't know where all the forms are for achieving this transfer, suggests to me that you're not nearly familiar enough with landlord-tenant law to even contemplate self-managing at this point.

You do need to know the law and comply with it meticulously, or find yourself wearing heavy losses; Tribunals place an onus on landlords to be experts, and if you screw up for not knowing the law, it's no excuse and can cost you big time. This forum is full of examples of people screwing up self-managing. (And PMs screwing it up as well, admittedly.) A *good* PM is an essential partner in property investing success. It is a skill.

Perhaps you should consider transferring to a new property manager, instead, at least while you learn the ropes?
Welcome to the forum :)

I will start it off by providing you with some links, I would suggest printing all the info out for ready reference and then studying up thoroughly. You need to be very accurate with your paperwork and precise with your notices etc.

The tribunal will always favour the tenants if the LL stuffs up

By reading both sites you will see it from the legal side and the tenants side, it is very important to get it right ALL the time.

If you don't have LL insurance I would recommend that to you as well, EBM and Terri Scheer are the most popular on here.

Good luck :)
Have your solicitor request that the current managing agent prepare the tenant ledger etc for hand over including any spare keys, copy of the current lease, & bond transfer form.

Has the existing lease expired? Some landlord insurers do not cover self-managed properties or tenancies which are on holdover.
the existing lease will continue.
You need to transfer the bond from the agents name to yours.
You need a tenant ledger to work out paid to dates etc..