Open Homes

If you are a tenant in a property and the owner decides to sell, there are a number of scenarios that can occur, depending on the expiry and terms of your lease agreement.

If you are within the term of your lease agreement, you continue to have your rights to the property even when it has been sold to another party. That is, the property will not be sold with vacant possesssion - it will be sold with you as the tenant and the new owner will assume responsbility as the landlord.

With this in mind, and with investment properties often being sold to other investors, it's a great idea to be co-operative during the Open Home process as the buyer may become your new landlord. When you are wishing to stay in a property after the sale, denying access or not presenting the property in its best light during the inspection process may not give you the result you want in the end.

During the selling process, the agent and landlord must still comply with all normal notice periods, etc., for inspections (which will be outlined in your lease agreement).

If the property is sold to someone wishing to occupy the property, you will be given notice to vacate; however, this will most likely be done with plenty of time to arrange your next property. As you are an existing tenant, speak with your LJ Hooker property investment manager about other propertes becoming vacant in their portfolio that may be suitable for you.