Tenant rights when the landlord is selling
What are you rights if your Landlord wishes to sell?
It is not the news that any tenant likes to hear, but unfortunately, that is one of the pitfalls of renting. Your owner can sell their property at any time, but it is important for you to know your rights if this happens.
The first point of contact you may have is from a real estate agent who has been engaged to carry out an appraisal on the property. This could be your current managing agent, or it could be a third-party agent. For this inspection to happen, you must be issued a Form 9 Entry Notice giving you 24 hours’ notice of such inspection. If you get the Entry Notice and see that it is from a third-party agent, ring your current managing agent to ensure that everything is above board.
If the owner then proceeds to listing the property for sale, you must then be provided with a Form 12 Notice of Lessor’s Intention to Sell the property. This form notifies you of who the selling agent is and what their strategy will be in relation to marketing the home. You may be asked if photos can be taken, but you must give written consent for this. A selling agent cannot demand photos be taken of the property without your authority. A piece of advice – if you consent for photos to be taken, please remove your personal photos and anything you don’t want to be published on the internet.
You must be provided with 24 hours’ notice of any such inspection for any potential buyer inspection unless otherwise mutually agreed upon.
Now to your tenancy – If you are on a fixed-term tenancy agreement, you are protected. No selling agent or buyer has the right to force you from your home unless the termination is mutually agreed upon. If the home is sold to an investor, your lease will run over to the new owner, and you will notice no change.
If you are on a periodic lease and the buyer is an owner-occupier, you must be provided with 28 days’ notice to vacate, and this normally occurs once the property goes unconditional, with the agreement of the owner.
It is a stressful time for tenants. You have people coming into your home who you don’t know, but you have the right to be at home for any potential buyer inspection. In saying that, however, it is always recommended that you depart the property so the buyer feels comfortable and can have a good look around. Rest assured, your selling agent should be with buyers at all times to protect your privacy and ensure the property and its belongings are secure.
