All Topics / Help Needed! / DIY Conveyancying – Subject to Lease

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  • Profile photo of RachelMRachelM
    Member
    @rachelm
    Join Date: 2011
    Post Count: 17
    February 13, 2012 - 1:50 am

    Hi everyone,

    Thanks to everyone's help here I've been going great and decided to purchase a house that is currently tenanted on a private lease.
    I am doing my own conveyancing and it's been agreed verbally that the bond will be returned to the tenant and I will be need to get a lease signed and collect the bond from the tenant and continue on my merry way..

    However, I was just wondering what documentation should I get to formalize the termination of their contract.. or will the creation of a a new lease signify this?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 13, 2012 - 5:32 am

    You should read the residental tenancy act in the state the property is in firstly.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 13, 2012 - 5:42 am

    Hi Rachel,

    Are you suggesting you are handling the purchase of this property yourself?

    Now I must admit I don't know you or your background but I must admit that seems to be a strange decision.

    Spending lots of money to buy a property and then try to save a few bucks by DYI conveyancing is not the way I would be operating. The purchase of an IP is the largest purchase outside of your own home and poorly written contracts and mishandling of contracts can be very costly indeed.

    Profile photo of RachelMRachelM
    Member
    @rachelm
    Join Date: 2011
    Post Count: 17
    February 13, 2012 - 6:01 am

    Hi Terry,
    Thanks for the response, the property is in VIC so will do, however I was advised by the real estate there is no formal lease in place, nothing was signed so it's just a month to month arrangement that has lasted several years, but will have a read through – I prefer to do things by the book so I will be having a formal lease.

    Hi Derek,
    Thanks for the concern, I have done the conveyancing myself before and also paid for it to be done, I feel comfortable knowing that I will do it correctly after all, there is no-one better than yourself to dot the i's and cross the t's..
    I just haven't had this arrangement before and I wonder if there are any other DIY's conveyancers that have that can point me in the right direction!!

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 13, 2012 - 10:20 am

    Hi Rachel,

    I'll sleep more easily now.

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