Scott's Weekly Column

Selling rented property

We are often asked by tenants “what happens if the property I’m renting” gets listed for sale by my owner? What are my rights?

The answer is straight forward and can be found by visiting the Fair-Trading NSW website at www.fairtrading.nsw.gov.au

In summary it advises as follows:-

“When a property is put up for sale

If your landlord notifies you of their intention to sell the property during the fixed term of your tenancy, you can end your agreement, without having to compensate the landlord for the early termination, by giving at least 14 days’ notice. However, this does not apply if before you entered into the tenancy agreement, your landlord disclosed the proposed sale to you for which a contract for sale was prepared. “ 

As an agent the key to selling rented properties is to make sure there is open dialogue and a good working relationship established right from the start. Rather than give notice most of the time tenants are happy to stay in place whilst a property is being marketed for sale as long as their rights are protected, and there is a good line of communication.

If you are looking for professional advice on the best way to sell your investment property then why not pick up the phone and talk to one of the award winning Nolan Partners team today.

No hassles, no obligation, just good honest real estate advice.

Have a great weekend!