Rescinding a rental application after accepting

[lovestruck]

Yes there is something in there regarding termination, however the length of notice required is surprisingly short (single digits) and much less than the legally required number of days than in QLD, so I'm not sure what to make of that whether that's enforceable or I would still have to wait the 90 days.

I'm also worried about the changing PM in such a critical transition period with settlement and tenants moving in. Maybe I should just wait until next month until things settle down and then make a decision and use that time to vet new PMs. Do you guys have recommendations for PMs in the North Brisbane area? So far I only have 4 on my shortlist.

 

[Terry_w]

It doesn't have anything their regarding communication

No, I meant about communication. In that case it is something not specificlly agreed upon. Probably not a breach of contract as they are still doing what they agreed to do - manage property.

 

[lovestruck]

Yeah I think I'm screwed here. Very expensive mistake, hopefully not one I'll make again.

 

[Perp]

Yeah I think I'm screwed here. Very expensive mistake, hopefully not one I'll make again.

How are you screwed? What am I missing?

 

[skater]

To be brutally honest but I hope polite, you do come across as a bit high maintenance just from your actions.

I agree! Chill! A PM has hundreds of Landlords and Tenants to look after, not just you. Give them some space to do their job.

Do you guys have recommendations for PMs in the North Brisbane area? So far I only have 4 on my shortlist.

It appears that we already did.

Yeah, it's an agency that was recommended by the forum and post here a little bit as well. (

Seriously, if you let these little things get to you, you have to really sit down & ask yourself if you are cut out to be a Landlord.

What will you do when:

The rent is a week late?
The tenant stops paying rent?
The tenant shuts the door too hard & puts a hole in the wall?
The tenant does a runner?
The tenant trashes the place?

This is just a small sample of things that can & do go wrong.

 

[The Fence]

What will you do when:

The rent is a week late?
The tenant stops paying rent?
The tenant shuts the door too hard & puts a hole in the wall?
The tenant does a runner?
The tenant trashes the place?

Uhm yeah, these are a far cry from the "problems" being described by OP.


We jump straight on to them and dish out the ramifications of such acts.
Put the small grass fires out before they turn into raging infernos.


Only ever suffered one financial loss from a tenant and that was when under a PM.
The PM was responsible for this loss actually as it should never have gotten out of hand.

 

[lovestruck]

So in conclusion then what should I be doing to manage this situation? I've got settlement coming up very soon and not sure what is happening with the keys and also not sure what is happening with the tenants. I've tried calling them and they don't answer, I email them but they are not replying. What would you guys do?

 

[Perp]

So in conclusion then what should I be doing to manage this situation? I've got settlement coming up very soon and not sure what is happening with the keys and also not sure what is happening with the tenants. I've tried calling them and they don't answer, I email them but they are not replying. What would you guys do?

Assume that they are moving in two weeks after settlement as you've been advised.

The keys - I can't even remember precisely what happens with the physical transfer of keys, but handle it as it arises. You'll get keys to the property, and then either you or your lawyer will transfer them to the PM.

As skater has said, there is no need for you to do anything at this point. Give the PM an opportunity to do the job.

There is no situation that you need to manage.

 

[Peterw]

From our perspective, a lot of the OP comments are not unusual, keeping in mind a first time investor. We know that some 1st timers will need their hand held a bot more for the first few weeks, so I do find it odd that they reduce their contact rather than increase it to give comfort and confidence. At sigh up, a discussion should have been had about keys. I appreciate that until settlement, no one know how many keys there are. We advise solicitors that we have been appointed and arrange for either delivery of keys or collection. As soon as possible after they arrive an inspection is done, and a risk assessment done. Any items requiring maintenance prior to a person occupying is then addressed, and the required number of keys organised. Some times a change of locks is done. All communicated to the new "LL" and they then start to feel that all is in order, no need to chew finger nails, have a glass of ... and relax. They may if fact be doing all this, and sadly are just a bit short on comunication.

Now how would it be if we all gave this new "LL" a bit of support, rather than suggesting that they have gone down the wrong path.

 

[lovestruck]

Sorry guys, I got a bit anxious again this morning and tried to contact PureRentals. The property managers were unavailable as usual but Russell states that he will call me back so I will keep you guys updated

 

[Sez]

Two weeks is probably a good space of time between settlement and tenants moving in. It gives your PM time to go through the property and do a condition report, let you know about any little maintenance items that may require attention, you get a chance to go through the property and make little touch ups etc. that you see fit.

Also, remember when you have new tenants move in (especially to a place you have just bought) they are likely to report more maintenance in the first month than any other time. They will find all the things like loose door handles, dripping taps, sticking doors, jammed window winders etc. that previous occupants had learned to live with.

Try to keep a maintenance slush fund aside for these items .

On settlement you should get a call to let you know it's all settled and discuss the keys then. You can hand them in to your PM, cut a copy for yourself if you like but remember you PM will require 2 sets, one for the office and one for the tenants.

Relax and celebrate! You've purchased and IP and you already have tenants lined up before the property has settled. Some landlords don't even get this opportunity as the vendors won't allow rental inspections prior to settlement .

 

[jameso]

What if you cancel the lease and can't get tenants for 3 weeks?

What if you kick your tenants out in 7 months and can't get new ones for 2 months?

The point is to put people in the property and keep it occupied.

Man its crazy to think your sooking over two weeks. Can't wait to see how you react when the hot water system ***** itself on a Saturday night.

I think your crazy offering a 5 dollar reduction for the life of the lease. They will say no. When you could have offered them half price for the first two weeks. Half of something is better than nothing.

James

 

[crest133]

Hopefully you value your word, morally wrong to rescind your word. The tenant may have already acted upon your acceptance and given notice elsewhere or in any one of a hundred different ways placed themselves in a situation in which they would be disadvantaged financially or otherwise if they had to accommodate your mistake. Only legal advice might know if rescinding is actionable by the tenant.
Thanks Scott (lol).

Agree with ringing the tenant and asking if anything can be done to help you with your mistake but it is yours.

Good luck
cheers
crest133