Owner took out the bond prior to settlement without letting us know

[tang]

Hi Pete,

That's a very good advise, I'm jumping onto my contract right now to find the clause. thanks heaps!

not a good situation and i bet half of us don't look into this. thank you for bringing it to our attn and hope this one gets resolved in your favor

 

[sumterrence]

not a good situation and i bet half of us don't look into this. thank you for bringing it to our attn and hope this one gets resolved in your favor

Its very abnormal, even my solicitor and property agent said they never seen anything like this happen before. I suppose I'm just bad luck to deal with a dodgy seller and solicitor.

 

[Morbius]

But I only been notify after i purchase the insurance and the owner has privately settled this matter with the tenant (by finalizing the bond prior to contract settlement).

and the tenants did pay me rent when i first took over, they started to short pay after 1 month....

In the end what matters is whether or not there were arrears on the rent at time of takeover. I don't think the insurance company will care too much when you were notified. Some policies also do not cover tenancies where there is not 4 weeks' bond lodged. You'll need to read the wording.

 

[dabbler]

I am not sure you were entitled to anything until settled, anytime I have bought the tenants scoot before settlement, which means vacant possession.

Your problem is that tenant has still not left after settlement & seems you do not have a proper lease agreement ? should have been in the contract.

Either way, get rid of these people, they seem like it was all under the table, get a new tenant, a proper lease and move forward.

I would also closely look at the manager. As soon as they are found to be behind, something needs to be done.