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  1. #1

    Default Purchasing a property with an existing tenant and right of renewal

    We are looking at purchasing a property as our family home. The property is currently rented out on a fixed term contract (all good), with the right of renewal (not so good), presumably when the current term ends. I am going to speak with the real estate agent later today, just wondering what I should find out from the agent? Basically we need to know if we are able to move into the property any time soon. Questions that come to mind at the moment are:


    • when do the tenants need to give notice showing their intention to renew, e.g. 1 month before the term ends
    • what exactly are in the right to renew contract, e.g. 2 rights of renewal for 1 year each


    Thanks!

  2. #2
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,879

    Default

    The RTA is largely silent on rights of renewal.
    I.e. such a "right" may be unenforceable in the TT Kangaroo Kourts.

    The details on giving notice are in the RTA - here.
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  3. #3

    Default

    As it turned out the right of renewal on the S&P agreement is the end date for the current fixed term tenancy, so all good there, but good to know where the TT stands with right of renewal

  4. #4
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,879

    Default

    Quote Originally Posted by chocobo_ff View Post
    . . . but good to know where the TT stands with right of renewal
    That's a dangerous presumption. The TT KK Klutzes are not obliged to follow the RTA law, if they don't want to.

    The Tribunal . . . shall not be bound to give effect to strict legal rights or obligations or to legal forms or technicalities.
    Section 85
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  5. #5

    Default

    Yea that was meant to be a bit of a sarcastic comment, thanks for pointing it out though.

    That's why I wanted to get this clarified in the S&P instead of just assuming what our rights would have been...

  6. #6
    Join Date
    Nov 2006
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    Default

    Quote Originally Posted by Perry View Post
    The RTA is largely silent on rights of renewal.
    There is a specific section for it Perry. Warning, read part c


 

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