24 Nov 2010
A number of changes to tenancy laws in NSW are about be implemented that may affect investment property owners who are thinking of selling. As a selling agent in the Liverpool area I thought it would be beneficial for property owners to be made aware of the following changes:
An agent must give a tenant at least 14 days notice in writing before the first inspection takes place.
Set times must be arranged with the tenant. A minimum of two inspections periods are allowed each week, one on an evening and the other on a Saturday. Further access can be negotiated if required. If the agent and tenant cannot agree on inspection times, the agent or landlord still has the right to show the property to prospective purchasers without the tenants consent, however 48 hours notice must be given.
The tenant may ask for a reduction in rent for being inconvenienced during the inspection period, however, it is up to both parties to negotiate what that discount may be.
Once a sale is made on the property, 30 days written notice is given which remains unchanged. If the tenant has a current lease and the property is sold, obviously they are protected and bound by their current residential tenancy agreement.
The new tenancy laws changes will affect all current and non-current leases.
If you require further information on any of the new tenancy law changes, please do not hesitate to contact me on (02) 9731-6204 during business hours.
There are a number of new changes, so make sure you are up to date with the new legislation.
Join our discussion on facebook
and let us know what you think about the new changes to the new tenancy laws or let us know if you have any questions, we are more than happy to help!