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Buying with an existing tenant?

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  • Buying with an existing tenant?

    HI

    When buying a rental property and there is an existing tenant with a lease, when the property changes hands can you end the existing tenancy agreement? We want to as the house is currently under rented, but need to know if it is an option up front? If so, what clause do I put into the S&P Agreement?

  • #2
    Just simply request vacant possesion on the S&P.
    Once it goes unconditional go around and speak to tenant. Explain that if they would like to stay on they will need to reapply and sign new tenancy agreement, bond etc... But you still need to check credit history. Last landlord may have been slack and not taken bond or done checks.
    That way you can put the rent up.

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    • #3
      Is the lease for a fixed term?????

      Hi Tauoi
      My understanding is if the tenant has a fixed lease you cannot put up the rent or evict the tenant legally. Now if they agree that is a different matter but they have the right to stay out the term of the lease, you may be able to increase the rent after 6 months depending how the lease is written, If it were me i would get a hold of the lease and get some legal advice if need be, all may be clear in the lease though.

      Robyn

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