With the property market booming there’s a lot of landlords out there looking to sell up and cash in – but what happens when it’s your landlord that’s looking to sell?
Firstly, try not to stress. Just because your landlord is selling, doesn’t mean you’ll need to pack up and leave the property.
In fact, a lot of investors will want to keep a rental income coming in while the property is on the market, plus the property may actually present better with your stuff in it (providing you keep the property well-maintained) than it would if it was empty.
Your lease remains valid
While your landlord is well within their rights to sell the property, keep in mind that you are also entitled to stay at the property for as long as your lease remains valid. This remains true for your current landlord and for any potential future landlords too, if the property sells.
So you won’t need to move out until your lease runs out. If your lease is due to expire, or you’re on a periodic lease, then you will still need to be given an appropriate amount of notice to leave and this will differ depending on the rules in your state of territory.
You have rights as a tenant
If you find out your landlord wants to sell then one of the first things you should do is familiarise yourself with the terms on your lease, as well as the relevant tenancy laws where you live.
Your landlord will need to notify you of their intention to sell the property, as well as give you appropriate notice to carry out inspections. Again, the amount of notice required for inspections will differ depending on the state or territory you reside in.
Keep the lines of communication open
It’s well worth discussing any questions or concerns you might have about your rental going up for sale with your landlord or property manager.
A simple chat may be all that’s needed to clear up any concerns, and you can also use it as a chance to come to an agreement about the best times for inspections to take place.
It’s best if everybody is on the same page and can work together. Keep in mind that while the property may sell to somebody who wants to move in eventually, it may also sell to an investor who wants to keep you on as a tenant.
Where to go for information:
New South Wales – www.fairtrading.nsw.gov.au/housing- and-property/renting
Victoria – www.consumer.vic.gov.au/housing/renting Queensland – www.rta.qld.gov.au/
Western Australia – www.commerce.wa.gov.au/consumer- protection/renting-home
South Australia – www.cbs.sa.gov.au/renting-letting-advice Tasmania – www.cbos.tas.gov.au/topics/housing
Northern Territory – consumeraffairs.nt.gov.au/for-consumers/residential-tenancies
Australian Capital Territory – www.legalaidact.org.au/tasact
