Hello everyone,
I am purchasing my first IP and as the current tennant is moving out we would like the new PM to have access before settlement to find a new tenant with the vendor collecting that rent till settlement day. Is this done with a condition in the sale contract or just some negotiation with the vendor?It is normally put into the purchase contract as a term however if there is a tenant already in the house at the time of the
PM inspection you will need to write to the Tenant asking for permission to have a different PM enter the property for the purposes of re -leasing the property.Find out who the current PM with the old Tenants is and ask the new PM to contact the old PM to ask how to proceed with obtaining access.
Your Solicitor would be the best person to ask for advice on the wording of the extra term to put into the Purchase contract.
There is a legal condition known as quiet enjoyment of the property and because of it you have to consider the Tenants rights.
Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi there
we had the same situation with one of the properties we purchased. We just asked the Vendors agent if our property manager could have access to show prospective tenants through. As the agents knew one another – it was no problem – but the Vendor’s agent still had to be there during the inspection.
If in any doubt – make it a special condition of your contract – particularly if you have a long period before settlement.Thanks everyone, the current tennant moves out in less than 1 week and the contract only arrived at our Sols on Friday so by the time the vendor signs it the current tennant will out or on the way.
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