Selling a Rental Property with Tenants in residence: Owner and Tenant Interests.
In this month’s newsletter, we will be discussing important considerations when selling a property with a tenant in residence. Balancing the needs of both owners and tenants is crucial to ensure a smooth sale process. Read on to learn about your obligations and the tenants’ rights, and how to navigate the sale successfully. Don’t forget, if you need any help with the below feel free to reach out to the Simon Salm Team!
Key Points:
Lease considerations:
- Fixed-term leases must be honoured throughout the sale. The tenant is entitled to stay until their lease is finished.
- To sell with vacant possession, provide two months’ notice prior to the end of a fixed-term lease or during a periodic lease.
- Ensure the notice period is factored into your sales timeline if you plan to sell with vacant possession.
Tenants’ Rights:
- If the property is listed for sale within the first two months of the lease without prior notice, tenants have the right to terminate the lease agreement with two weeks’ notice.
- A Notice of Lessor’s Intention to Sell (Form 10) must be issued to notify tenants of the intent to sell.
A 24-hour Entry Notice (Form 9), must be issued at least 24 hours before entry of the property.
Entry Regulations:
- Entry must occur at reasonable times, avoiding Sundays, public holidays, and outside of 8 am-6 pm unless otherwise agreed by the tenant.
- Selling strategies such as open houses, sign boards, photos or auctions require the tenant’s written consent. Additionally, any photographs of tenant possessions require written permission.
Post-Sale Obligations:
- Fixed-term leases must be honoured by the new owner, though negotiations for early termination are possible.
- For periodic leases, the new owner must provide at least four weeks’ notice for vacant possession after the sale.
Communication & Compliance:
- Open communication and negotiations can ease the selling process. The Residential Tenancies Authority (RTA) offers a dispute resolution service if any issues arise.
- For further details or assistance, contact The Simon Salm Team on 0402 262 572.
Balancing the needs of both owners and tenants during the sale of a rental property requires thoughtful planning, clear communication and adherence to legal requirements. Ensuring a smooth process for all parties involved.
Suburb Spotlight: Alexandra Hills, QLD 4161
In this month’s suburb spotlight, we’re focusing on the beautiful and thriving suburb of Alexandra Hills. Whether you’re a local or someone looking to call this place home, we’re here to share some friendly insights on what’s happening in the local real estate market.
Welcome to Alexandra Hills
Nestled just 20km from Brisbane’s CBD, Alexandra Hills is a suburb that blends convenience with a laid-back lifestyle. With a population of 16,200 and plenty of green spaces (44 parks to be exact!), this family-friendly area is perfect for those who value both community and nature.
Families love the fact that the average length of homeownership here is 14 years—a testament to the sense of belonging and stability Alexandra Hills provides.
The Market at a Glance
Houses
- Median House Price: $788,750
Houses in Alexandra Hills have seen consistent demand, with prices reflecting the area’s desirability. The median price sits at $788,750, offering great value for both families and investors alike. Whether you’re upsizing or buying your first home, Alexandra Hills delivers solid options.
Noteworthy Sales:
- 32 Sherington Street: Sold for $1,010,100 (June 2024)
- 10 Reading Drive: Sold for $920,000 (April 2024)
- 75 Windemere Road: Sold for $905,000 (June 2024)
Units in Alexandra Hills
For those looking for a smaller, more manageable home, the unit market is also offering exciting opportunities.
- Median Unit Price: $480,000
Units provide an affordable entry point into the market, with a median price of $480,000. Recent sales show there’s strong interest, especially for well-located properties.
Noteworthy Sales:
- 11/37 Newhaven Street: Sold for $572, 500 (March 2024)
- 30/19 Crotona Road: Sold for $490,000 (April 2024)
The Rental Market
Alexandra Hills is equally appealing for renters. If you’re looking to invest, rest assured that rental demand is strong!
- Houses: $670 – $710 per week
- Units: Around $550 per week for three-bedroom units
Why Alexandra Hills?
Beyond the numbers, Alexandra Hills has a lot to offer. With access to good schools, parks, and shopping centres, it’s no wonder residents stick around for over a decade on average. The friendly, community-focused atmosphere combined with its proximity to Brisbane makes it a standout choice for families and individuals alike.
If you’re thinking of buying, selling, or investing in Alexandra Hills, we’re here to assist! Our local knowledge and commitment to your real estate success are at the heart of everything we do.
Thank you for joining us for this month’s Suburb Spotlight. Stay tuned for next month as we explore another beautiful area in Redlands City.
Warm regards,
The Simon Salm Team
RE/MAX Bayside – Alexandra Hills
Answer to last weeks “estate of mind’ questions:
Unscramble this word: Scramble
Brain Teaser: The river was frozen
Trivia: A murder of crows