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  • #1

    Term Tenancy Agreements...

    Hi

    I am about to sign a tenant with for a twelve month term. If I decide to sell the property within this term can I simply give 7 weeks notice of my intent to sell or am I bound by the agreement? If so then what are the implications of attempting to sell? Thanks....
    Wisdom calls aloud in the street; she raises her voice in the public squares. At the head of the noisy streets she cries out, in the gateways of the city she makes her speech.
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  • #2
    I am about to sign a tenant with for a twelve month term. If I decide to sell the property within this term can I simply give 7 weeks notice of my intent to sell
    Yes.

    am I bound by the agreement?
    Yes.

    .........

    Tim, I suggest you rewrite this post to stop awkward people like me being awkward.

    xris

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    • #3
      Oi Xris

      Don't pick on the Newbies!

      Don't worry Tim, someone will come along shortly no doubt and give a slightly less enigmatic response... I'll try to dissect Xris's response but I know reasonably little about the area (I use property managers and don't really intend to sell at any point soon)

      Maybe what Xris is pointing out is that you could sell the place with the tenant in place?

      Cheers
      David
      New to property investing? See: Best PropertyTalk Threads for New and Old Investors And/Or:Propertytalk Wiki

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      • #4
        Originally posted by Monid View Post
        Maybe what Xris is pointing out is that you could sell the place with the tenant in place?
        Substitute "could" for "must", I believe.

        Comment

        • #5
          Originally posted by Tim Roach View Post
          Hi

          I am about to sign a tenant with for a twelve month term. If I decide to sell the property within this term can I simply give 7 weeks notice of my intent to sell or am I bound by the agreement? If so then what are the implications of attempting to sell? Thanks....
          Tim,

          You must tell the tenant that the property is on the market, when it goes on the market or before the tenancy starts if it is already on the market.

          If it sells and the tenancy is fixed you cannot give notice because the tenancy goes with the house.

          A possible exception is if it will settle after the fixed term expires. Check with the RTA on the current rules relating to notice at the end of a fixed term. These rules are going to change under the proposed changes.

          Generally, selling a property with a fixed tenancy in place is more difficult than with a periodic tenancy.

          Hope this helps.

          xris

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