When your rental is being sold
Regardless of whether you’ve resided there for years or months, the news the property you rent is being sold can come as a bit of a shock.
After all, this is the place you call home. The good news is, no matter what state or territory you live in, there are rules regarding the sale of rental properties and the rental occupier also has rights during this process.
So here’s a guide to what happens when the property you rent is being sold.
Notice
In all states and territories, the owner of a rental property has the right to sell that asset if they wish to, but they must provide the rental occupier with written notice of their intention.
Depending on what state and territory you reside in, and how far into the rental agreement you are, there are different implications once they’ve issued that notice of intention to sell.
For example, in Victoria, the renter can opt to end the rental agreement and provide 14 days notice if the owner indicates they intend to sell but hadn’t notified them of this prior to entering into the agreement.
Meanwhile in Queensland, if the owner decides to sell within two months of a rental agreement commencing, the renter can also opt to end the agreement.
Photography and marketing
As part of the notice of intention to sell, the vendor should outline how exactly they plan on marketing and selling the property.
When it comes to photography, the exterior of the property can be photographed without permission, but for photography of the interior, permission is required and notice must be given that a photographer will be attending.
There is also an expectation that the photography will not identify the renter.
Open homes
Notice is required for open homes and private inspections. This notice generally includes two weeks’ notice prior to the first open and 24 hours notice of every open home after that.
Meanwhile, there’s a general expectation that the renter will work with the agent and property owner to agree to suitable days and times for showings and that the property will be clean and tidy for each open.
That said, in most states and territories there is also the understanding that there will be a reasonable gap between each open home or private inspection in a bid to maintain the renter’s right to peace and privacy.
In some states, such as Victoria, a renter might also be compensated for each open home, and elsewhere renters and owners might come to an agreement to have the rent reduced as an acknowledgement that the selling process can be inconvenient.
Your rental agreement
It’s important to note the rental agreement remains in place throughout the sale process and even if the property sells, with the legal obligations simply passing onto the new owner.
That means you do not have to move out should the property change hands, although in some instances renters and the new owners will negotiate to mutually end the rental agreement early.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
