Hello, my friend recently purchased an investment property that already had a tenant in it (the lease was in the contract). His conveyancer told him that when he settled the property, the lease agreement simply remains unchanged which means the previous landlord’s name is still on the lease…is that correct?
Or is there some sort of agreement where there the landlord name is changed.
Ask your friend to talk to the managing agent. I don’t see any issue to replace the tenancy agreement with your friend’s name on it, provided all the other term & conditions remain the same. the agent might impose a new one week letting fee? But negotiate to get it free.
Cheers,
Hi Infinite
It’s not a re-let so a re-let fee does not apply. However, it would be correct to re-write the same lease with the same conditions but a different landlord’s name on it. Unless the tenant requests the re-write, the tenant is not required to pay half the lease preparation fee, usually the new landlord foots the whole lease fee, usually about $35 . Also a new Managing Agency Agreement is required authorising the REA & PM to manage the property on behalf of the new owner. This new owner’s name on the Managing Agency Agreement should match the name on the re-written lease. The tenant has the right to know the new owner’s name, but not their address.
Maybe too much info, if so, sorry.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
thanks for that guys, i appreciate the detail, it helped a lot![exhappy]
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