I am considering performing minor renovations to an IP (about $1500) before settlement,so that a tenant can move in ASAP after settlement date.
Could someone please advise of the legal implications if the vendor decides not to proceed with selling the house.
Also what do other forumites believe are acceptable fees for property management / leasing by an Real Estate Agent.
Many thanks in advancejm, there have been heaps of discussions on rental managers, and fees etc. If you have a look using the search function you’ll get some excellent advice, including some questions to ask your proposed property manager.
As for the renos prior to settlement, if you have a contract, you can enforce settlement. Make sure that part of the contract gives you access to undertake the renos. Talk to your solicitor.
Cheers
MelHey Melbear,
So it is feasible then? I was looking at a property that doesn’t have a carport, and wondering if you can say in the contract “Subject to being allowed to build a carport…”
I asked one R/E agent and he said you can’t get access to a property before settlement.. (Don’t worry — I didn’t really believe it!!)
Ta
Lozza
I have tried this with a few agents to no avail. Freinds of mine that are agents have said its highly unusual coz in the past the renovators have found termites etc, and the buyer then backs out. Agents tend to say its an insurnace issue but i dont beleive this to be the case.
Regards Bear
Tell the agents to put it to the vendor, and let the solicitors decide the insurance issue.
Lozza, are you talking about you being able to build the carport pre settlement, or subject to the council allowing you to build it?
See if your solicitor can word it such that you’re able to build it, but that the vendor’s aren’t 100% on what you want to do, as they might not sell it to you then and put in a carport themselves.
As for finding termites during renovations, your pest inspector should have picked that up pre exchange/unconditional.
I’ve gained access prior to settlement – the property was vacant so it didn’t matter. It would be a bit hard for a vendor to agree if they were still living there, so something to think about.
Cheers
MelWe guttered our first investment property and totaly renovated it before settlement. Then refinanced it and made a $70,000 profit. We haven’t been unable to get early access since the market heated up but now that it is turning to a buyers market you could make it part of your negotiations. Most people will let you have access to measure up or show potential renters through regardless of the market.
Di
Dianae01
Email MeHi Melbear
Yes the ones im talking about were vacant.
Yes the termite inspectors should find them , but they dont always, as is reported on TV on a regular basis.
ARe there any Tasmainians on the forum? Was wondering if its true they dont have termites there?
Regards Bear
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