Selling property with tennancy agreement

Quick question.....

I have a property in QLD with a 12 month tennancy aggreement in place and may want to sell it. With regards to this aggreement what are the considerations invloved in selling this property? Tennants still have 10 months to run on contract.

Cheers
M
 
For a start, a new owner will have to honour the lease.

The tenancy laws in Queensland have recently changed regarding selling properties with tenants, with particular emphasis on the rights of the tenants.

First thing would be to obtain a copy of the leglislation from your PM or the RTA.
marg
 
We just had one with a FHB. The REA (on the southside of Brisbane) promised that it would be vacant possession and it was in the contract.
Tenant didnt vacate as his lease wasnt up.
Purchaser gave notice to their property manager they'd be moving

Purchaser left holding the bag with nowhere to live & the REA taking the attitude they can cancel the contract and they'll resell it for more - this is after the REA saying it would be vacant.

The problem on the finance side is that the loan got approved under "old" policy so it wouldnt be approved with todays finance policy from the banks. So there isnt much the purchaser could do. And solicitor advises that while the purchaser is inconvienced, there was no damage suffered so you cant claim for it (there is inconvenience but not damage).

So long and short - be very wary of stuff like this if its for O/Occ and more wary if theres a FHOG involved.

I'd move on
 
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Thanks,

Sounds like a bit of a minefield. I guess it would have to state in the marketing from the REA (who is also managing the tennancy of the property) specifically that there is still 10 months to run on a tennancy aggreement. The property is yeilding around 4.5% so not sure if would attract investor interest at present however there is significant potential for capital growth.

Might just have to hang on to it for a while
M
 
For a start, a new owner will have to honour the lease.

The tenancy laws in Queensland have recently changed regarding selling properties with tenants, with particular emphasis on the rights of the tenants.

First thing would be to obtain a copy of the leglislation from your PM or the RTA.
marg

Do you know if this is the same in WA marg?

Have been trying to find this info for an hour with no luck as yet.

A friend is a tennant and the owner wants to sell with 8 months left on the lease. She is also being told by the agent to prepare for inspections in the evening, open homes every week, and photographs of the inside with all there stuff etc. There is also a young child to consider also. Personally I feel she is being bullied into moving as originally she mentioned her husband and her would like to purchase the house in the coming years and now have decided to not purchase it and the landlord has found out and wants to sell.

She has already put in curtains and dishwasher at her expense as it did not have these items.

Can anyone point me in the right direction for the WA residential laws?

There is also
 
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