Hi All,
I have just signed a contract to settle on a property in a month ,
am I allowed to advertise the property for rent now even though I do not technically own the property ,so that when I settle I have a tenant ready to go , is this legal? any advice would be much appreciated .I’m not sure about the legalities around it but it’s something I’ve negotiated with vendors before.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
We just did the same as well – tenant moved in on settlement day
As you don’t own it yet no you can’t BUT if the house is vacant and the owner amenable, then the vendor will need to sign an agency agreement with directions property is available on day after settlement, you will need to sign agency agreement starting @ settlement. Vendor is not to be liable for any letting costs. The agent needs an agreement in order to advertise the property.
good point Scott No Mates – the property we just purchased was vacant.
So when we made the offer it included the property being available for viewing, and to be cleaned to a standard our Property Manager was happy with – including carpets (we learnt that lesson from the last place we bought).
The first property we done it with was vacant. We were able to get access to the property before settlement to carry out renos and advertise for tenants. Both conditions were worked into the contract before exchange.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
i advertised a unit i bought of the plans before i got the keys…was trying to build interest…it payed of the day i got the keys a tenant moved in…no power or phone but they didnt mind they just need to be out of there last place…so they sat in the dark for two days…great tenants.
legally you are not allowed to do that because you do not own that property.
You can make it legal – anything can be worked into a contract.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Clients recently had this exact situation worded into the contract, so yes it can be done
Holly
As we buy property to on-sell with vendor finance, we always want early access and the ability to put up our for sale sign just after exchange of contracts. We do this by using the following Special Conditions in the Contract:
Access
(i) The Purchaser and their invitees are entitled to inspect the property, after the date of this Contract, under the direction of the vendor or the vendor’s agent, for the purposes of obtaining quotations for work to be done and to permit invitees to inspect the property with a view to entering into occupation after completion.
Signs
(i) The Vendor will direct the vendor’s agent to remove their ‘for sale’ sign at the property within 2 days. In default, the Purchaser is authorised to remove the sign.
(ii) Purchaser is permitted to place their own signs at the front of the property following exchange of contracts, and pending completion.Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
