What happens when my landlord decides to sell?

13-Dec-2012

It’s natural to feel concerned when you hear the news that your landlord has decided to sell the property you call home.

Questions you may want answered could include:

  • Will I have to move?
  • How much notice will I get?
  • How often will the agent bring buyers through and will I be given plenty of notice before inspections?
In accordance with the Residential Tenancy Agreement and the Residential Tenancies Regulation 2010, the landlord must:
  • Give the tenant written notice that the property will be going onto the market for sale,
  • Provide at least 14 days notice before the first inspection, and
  • Make all reasonable efforts to agree with the tenant on suitable days and times for buyer inspections.

The Residential Tenancies Regulation 2010 also stipulates a requirement of the tenant when the leased property is to be placed on the market for sale.  This requirement, which forms part of a Residential Tenancy Agreement, states that a tenant must not unreasonably refuse inspection days and times.

A tenant is not required to make the home available for more than 2 inspections per week, however if they are unreasonable about allowing inspections, the landlord or their sales agent may show the property to a prospective buyer provided they give the tenant 48 hours notice beforehand.

Will you need to move?

If the property is sold to a buyer who wishes to reside at the property and you are not on a current lease, the landlord must give you 30 days written notice of lease termination upon point of sale.

If you are on a current lease however, then your lease terms and conditions apply until the end of the term. In other words, you would not be required to vacate the property until the end of the lease term provided the landlord or his/her property manager gives you the required notice.