Hi all,
Im selling my unit off at the moment and have a prospective buyer interested in buying. The unit current has a tenant in there on a expired lease.
The buyer is asking for the contract to be changed from subject to existing tenancies to vacant possession. Im a bit reluctant to do this, as what happens if it comes time to settle and the tenants for whatever reason are still in the property.
My conveyancer has come back and said there are really only two options so I dont put myself up for being sued.
- leave the clause subject to existing tenancies
- have vacant possession included although with an additional clause time of the essence in that if we are unable to settle by a certain date, then either party can walk away with no recourse.
Buyers solicitor has come back and is happy with the time of essence clause although they want to remove the fact that I have the option of walking away.
The reason I want this included is that if there are any issues with vacating the premises then we both have a get out clause.
Any thoughts on this?
Im selling my unit off at the moment and have a prospective buyer interested in buying. The unit current has a tenant in there on a expired lease.
The buyer is asking for the contract to be changed from subject to existing tenancies to vacant possession. Im a bit reluctant to do this, as what happens if it comes time to settle and the tenants for whatever reason are still in the property.
My conveyancer has come back and said there are really only two options so I dont put myself up for being sued.
- leave the clause subject to existing tenancies
- have vacant possession included although with an additional clause time of the essence in that if we are unable to settle by a certain date, then either party can walk away with no recourse.
Buyers solicitor has come back and is happy with the time of essence clause although they want to remove the fact that I have the option of walking away.
The reason I want this included is that if there are any issues with vacating the premises then we both have a get out clause.
Any thoughts on this?