What Happens If We Decide To Sell During The Tenancy?
What happens if we decide to sell during the tenancy?
A tenant cannot be forced to vacate the property because you as the landlord have a buyer. Ultimately the tenancy agreement is the superior contract and it must be upheld.
There are legal obligations that must be met in order to terminate a lease agreement and this will depend heavily on wether they are on a fixed-term tenancy or a periodic tenancy.
It also important to note the rights and obligations for both the landlord and tenant in regards to notice periods will also depend on the type of tenancy agreement mentioned above. The sales process can often result in an unhappy tenant and can sometimes be unpredictable if they become uncooperative with open homes during the sales process.
If you know there is an intention to sell the property prior to a tenant moving into your property, you must advise your property manager as there are legal requirements relating to notices that must be issued prior to the tenant signing their agreement.
Having a tenant in place during the selling process can make things difficult if the situation is not handled correctly. It’s important that the property manager works closely with you as the landlord to treat the situation and tenant with the utmost care. There are several strategies that can be implemented by the property manager to ensure a smooth process during this time such as, reducing the rent during this period, offering a cleaner to come in weekly before the open homes or other compensation.