Renting: What rules to know when your landlord is selling
- Posted By Prince Lakshman
When you already feel at home the most in your current rented property, it can be heartbreaking to hear when your landlord decides to sell.
What happens now? Should you scramble immediately to find your next home and deal with another nerve-racking application process?
Changes are inevitable especially when you are a tenant. However, it’s a lot less terrifying when you know the rules and what to expect in situations like this.
Remember these five rules when your landlord decides to put the rental property on the market.
1. Landlords are allowed to sell at any time
Legally, landlords are permitted to sell their property any time they want in all states and territories. However, in events like this, the law ensures that tenants are protected from being kicked out on a whim.
2. Your lease still applies
Your current tenancy agreement or what others call ‘lease’ remains valid when your landlord is putting the property for sale. And it shall remain applicable even when the property has already been sold, which means you are not required to move out of the property if it changes hands.
A fixed-term agreement cannot be simply terminated due to the sale of the property.
However, if the tenant and landlord reaches a mutual consent, the fixed-term lease can be terminated. It usually happens when the tenant wants to move out because the property is being sold.
So what if the new owner wants you to move out? The new owner must comply with the terms of the current lease, and that means they should wait until the lease agreement is over.
3. Landlords must provide notice to tenants before an inspection
A 14-days’ notice should be given to tenants before the first property viewing.
The tenants are required to make all reasonable efforts to agree on a suitable time and day for the showing and must also keep the property in reasonable state of cleanliness.
4. Tenants must give their consent when it comes to photos and signage
The exterior of the property can be photographed without permission. However, consent must be given by the tenant if the landlord wants to take photos inside the property. The tenant also has a say when it comes to signage and on-site auctions.
5. Renters can be compensated for the inconvenience
Sometimes, landlords offer their tenants compensation to encourage them to move out of the property as soon as possible.
What are your tenant rights in Victoria?
Landlords must provide tenants with 24 hours’ notice before showing around a prospective buyer.
Either the new or old landlord can evict the tenant if a fixed agreement is in place, unless the tenant violates the terms of the lease, or the two parties reach an agreement by mutual consent.
The agreement is periodic, landlords can evict tenants on 60 days’ written notice.