These are the common questions that might come up when your lessor is selling their property and how this affects you as their tenant
What is the notice I am eligible to receive as a tenant?
According to legislation set out by the REIQ, an agent that is listing the property for sale must provide the tenant with a Form 10 – Notice of Intention to Sell. You are also entitled to receive a Form 9 – Entry notice, for an open home or private inspection.
What happens to my lease?
Your lease is first and foremost above any sales contract. If you have a lease in place at the time of sale of the property it is your right as a tenant to keep that lease in place. If you would like to vacate upon the sale of the property, this is a negotiation that needs to be discussed with the agent upon listing the property.
Do I have to permit open home inspections?
It is our intention to cause as little inconvenience to your schedule as possible. Open home inspections are the best way agents can group a lot of enquiries together and show them through in the smallest time frame possible ensuring that your schedule isn’t interrupted too much. You can opt to refuse an open inspection, however, if you chose to have private inspections only, the agent is only required to give you 24 hour’s notice for each inspection and if there are 20 enquiries on the property, well… that’s a lot of inspections.
What is the minimum entry notice period?
An agent is required to provide a minimum of 24 hours' notice for an inspection for the purposes of showing the property to a prospective buyer.
Can I stay home during buyer/open inspections?
You are more than welcome to be present at the inspections; after all, it is still your home. However, it is buyers’ mentality as they inspect to discuss the negatives about the property in the hopes the price will be reduced. This may include comments regarding your personal furniture or belongings. In order to avoid unnecessary offence or stress to you, we do recommend that you are not present during the open homes. A walk, shopping trip or visit to friends or family are recommended and greatly appreciated. This will also give us the best opportunity to connect with the buyers for a faster contract.
How long will it take to get a contract on the property?
An agreement between the vendor and agent provide a timeframe of 90 days – (3 months) to sell the property. However, the majority of enquiries are received within the first 14 days of a property being listed for sale. It is in this small timeframe that we as an agent have the best opportunity to secure a contract of sale.
Is there anything I can do to assist the sale?
First impressions always count! Understanding that the first 14 days of a property being listed for sale is when the most enquiries are received, this is the most imperative time to ensure the property is presented well. The better the property is presented, the easier and quicker the property can sell.
What happens when a contract of sale is received?
Understanding that every contract is different, the lead agent on the property will advise that a contract has been received and discuss the terms and conditions of the sale. This could include a building and pest inspection, pool inspection and or a pre-settlement inspection of the property which the agent will discuss and arrange access with you for.
Can I put in an offer to buy the property?
Yes. If you would like to consider purchasing the property yourself, you have the best opportunity before any buyer comes to view the property. If this is a consideration of yours, ensure that you contact the lead agent immediately to discuss your offer. In doing so, you can fill out the Expression of Intrest form and the lead agent will be in contact with you to discuss the details and the following steps.
