- Important things to consider when selling your investment property, with tenants NSW
1) Notify your tenants of intention to sell. Before you begin the sales process.
2) Less control for you.
3) Keeping tenants in place provides income.
4) Open house inspections and viewings.
5) Not all buyers want an investment property tenanted.
6) Check your lease agreement.
7) Asking your tenants to leave.
Frequently asked questions about selling a property with tenants.
- Can I ask my tenant to leave before I sell my property? No. you cannot ask tenants to leave the rental to property.
- How much notice do I need to give my tenants before showing a potential buyer through the house?
In NSW, you’ll need to provide written notice at least 14 days before the premises are first made available for its first open inspection, with schedule inspections to be agreed with the tenant. If an agreement can’t be reached, no more than two inspections are allowed per week, and you must give 48 hours’ notice each time.
Tenant do not need to agree to an open-house inspection
- Where can i find all the legal information before selling a rented property, what are my obligation towards my tenants currently living in the property?
- Am I allowed to display a ‘for sale’ sign on my property?
Yes. The tenant would have to show that having the sign on the rented premises would interfere with their peace, comfort or privacy in order to refuse.
If you want the tenant to vacate you must give them a termination notice. The notice must:
- be in writing
- be signed and dated by you or your agent
- be properly addressed to the tenant
- give the day on which the residential tenancy agreement is terminated and by which the tenant is required to vacate
- where appropriate, give the grounds/reason for the notice.
The minimum period of notice you can give the tenant to vacate is:
- 14 days – if the tenant is 14 days or more behind with the rent or has committed some other breach of the tenancy agreement
- 30 days – if the fixed term of the agreement is due to end
- 30 days – if the premises have been sold after the fixed term has ended and vacant possession is required by the buyer under the terms of the sale contract
- 90 days – if the fixed term period has expired and no new agreement has been signed.
These notice periods are designed to give tenants reasonable time to find another rental property. If they can find a property sooner they can move out at any time without having to give you any formal notice. Except where notice has been given for the end of the fixed term, the tenant's responsibility to pay rent ends from the date they hand back possession, not the end of the notice.
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