You’ve just found out that your landlord is looking to sell the home you’ve grown to love. And now, you’re head is surely spinning with questions. The first question is most likely about your rights as the tenant. What are you obliged to do? And what happens when the property is sold?
Your landlord can sell their property anytime they want, but there are still a number of regulations they need to heed. And although they vary slightly across states and territories, there are some commonalities. Here’s some of the most frequent issues people face.
Can Your Landlord Sell Your Rental Property?
The short answer is yes. If you have a lease, they cannot ask you to leave even if they sell the property. You would simply be notified of the change of ownership and then you are free to live out the rest of your lease.
What Say Do I Have Over Viewing and Inspections?
Your landlord can and will give access to the property to prospective buyers, architects, builders, inspectors, etc. But they must give you at least 14 days notice before the first viewing. And you are obliged to make a reasonable effort to agree on a day that works for all involved parties. If you are able to agree on something, make sure to get it in writing.
If you cannot come to an agreement, then know that the tenant can only show the property twice in a week and they must give you at least 48 hours before each showing. You’re entitled to have someone present during each showing, in the event you’re worried about property theft. The best thing to do is to establish a weekly routine that works for everyone and do your best to stick to it.
Are There Rules About Open Home Inspections?
Open homes are only permitted between 8 am and 8 pm, and they cannot take place on a Sunday or a public holiday, unless you agree. Notice must be given in writing and in advance; the notice period will differ depending on the state in which you’re in.
What are My Rights Regarding Advertising and Promotion?
Outside photos can be taken without your consent. But to take photos inside the house, the owner needs consent from the tenant. The landlord should let the tenant know what’s going to be photographed and how the photos will be used.
The tenants must allows the owners to place a “for sale” sign on the property.
If the property is being sold by auction, it cannot take place on the property unless you give consent.
What Happens to My Bond?
When the property is sold, both the new and old owners need to notify the Residential Tenancies Bond Authority about the sale. Your bond will remain with the Bond Authority until the end of your tenancy. At this point, it will be paid to you, unless your new landlord decides to make a claim against you.
What are the Obligations of the New Owner?
They will notify you of the sale and the old landlord will give you the details about the new owner, including when you should start paying him or her. NOTE: you do not need to sign a new agreement.