What is the Process for putting my Tenanted Property on the Sale Market?

By September 24, 2018 No Comments

Once you engage a Sales Agent to market your property, they are required to advise the tenant via the ‘RTA Form 10 – Notice of Lessor’s Intention to Sell Premises’. This form must be signed by both the Sales Agent and Managing Agent.

Note that if a tenanted property is listed for sale within 2 months of a new lease being signed (including renewal of lease), the tenants are permitted to give 2 weeks’ notice to leave without penalty.

A good Sales Agent will endeavour to form a good relationship with the tenant, and keep the Managing Agent fully informed of the sale process. All parties should work together to allow an effective marketing and sale campaign while causing the least possible disruption to the tenant.

The legislation makes provision for a Sales Agent to enter the premises to show prospective buyers, providing the correct notice is given, and the visits are not ‘excessive’ in number.

Marketing photos showing the tenants’ belongings and open homes are only allowed upon written consent by the tenants.