and they are no vacancies, should one have the owner remove all existing tenants at time of ownership or should the buyer keep all tenants and have them reapply for the units they occupy? What would you do? Any comments would great.
Joseph
Unless you have indications showing potential problems – why upset your cashflow right from the start? With tenants I usually assume innocent until proven guilty. Having said that we have bought a place where you could tell the tenant was trouble (ie the real estate agent wouldn’t go into the house because of the smell of dirty nappies stuck to the walls – and no I’m not joking!!!) and we had her evicted as part of the purchase agreement.
You will need to honour any existing leases.
Ask the property manager what the existing tenants are like. 9 times out of ten they will be fine.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
We’ve got a a young lass as a tenant who is causing trouble with drunken guests causing damage and disturbing the neigbour (our tenant as well)
Her lease expires in April.
We have decided not to give notice because of possible problems if the tenant objects.
So we’ve decided to merely give notice that the lease will not be extended AND in the meantime she will be invoiced for the damage.
Pisces
Pisces,
Wouldn’t the tenant in that circumstance go on a monthly tenancy?To get her out, wouldn’t she need to be served a notcie to vacate for xxx reason?
James
The leasing agreement from the vendor will state clearly in the contract. If not then you should contact the agent for more details.
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]from my understanding if a lease has expired the tenant goes onto monthly continuations…you still need to give notice to vacate this can be 21 or 28 days notice (I forget as my tenants dont leave)
You do not need to give a reason. You do need to do it within a specified timeframe if you want the tenant out at lease end date
Not 100% on the latest laws (should be though), but i am sure you need to give them a reason. ie occupying property as your residence, renovations etc
James
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