My landlord is 'thinking' of selling his property. The REA informed me of this last week, and have scheduled a valuation in the next few days.
Should I be looking for a new rental? I still have a few months left on the lease, can I get kicked out?
Landlord Thinking of Selling Property - Should I Be Looking for a New Rental?
Comments
Doesn't appear to cover sale of property unfortunately. Nothing mentioned about that.
Read your local laws. It says in there what happens with property sales with tenants.
What did the REA say about your options?
Nothing yet. I'm guessing they want me out asap, especially in this market.
Different laws in different states <checks OP location> Ok.
Lol
Least it didn't say Mars……
Qld if it is relevant
Keep an eye out I'd say.
Depends on whether it is private sale or auction. Auction you've probably got 3 months (1 month campaign + 60 days settlement). Private sale might take longer. If you got a greedy landlord it might get passed in at auction and will take another few more weeks as they fish through the highest bidders.
No need to panic. Get a to do list together.
You and they have to give 2 months notice of intentions to renew the lease or not. They will usually let you know the new rental price at this point.
They've let you know they are "Thinking of" selling. Perhaps you should give them notice your are "thinking of" renewing.
buy the property if he does, so you wont have to move
I'd definitely look for a new rental and ask for early release. Nothing worse than every Saturday until it's sold being trampled through by random people who may then buy the house then terminate your agreement if they move in.
TBH it is a bit shit that tenants have to allow for this and get no recompense for randoms going through their rooms/dirtying the floors etc.
When we sold our IP a few year ago we gave the tenant free rent (about 3.5 months all up) for the inconvenience and also "it would be nice if you could keep the property presentable". Both parties were happy.
this is how it should be, good on you finding a good middle ground
Good to know there are decent people out there.
This is why I have always liked you MS Paint. 👊
TBH it is a bit shit that tenants have to allow for this and get no recompense for randoms going through their rooms/dirtying the floors etc.
Here in VIC with the new rental laws, it's a rent reduction of $60 an inspection, I believe. I would not want to rent in any other state. VIC has become incredibly renter friendly since 2019.
EDIT: Correction. From Consumer Affairs:
"Rental providers must compensate renters for each sales inspection. The compensation is either half a day’s rent or $30, whichever is greater. For example, if a property has a weekly rent of $250, then the compensation would be $30 per inspection because half a day’s rent is only about $18. However, if the property has a weekly rent of $900, then the compensation would be $64 per inspection."
This would be relevant for you if you are in QLD.
A tenancy agreement does not automatically end when a rental property is sold. The purchaser takes on any agreement in place prior to taking ownership
https://www.rta.qld.gov.au/renting/during-a-tenancy/when-a-p…
Excellent thank you!
Your tenancy agreement will provide what can be done when a property is to go on sale.
That said, if you like the property and can afford it, consider buying it.
Wasnt there something in the RTA thing that if its within the first 3 months of your lease you can leave without seeing contract through if property goes for sale?
Read your contract. It says in there what happens if the property gets sold.