Can I sell my investment property if the renter is on a lease? Yes, you can.
As the property owner, you have the right to sell your property even if it is during a fixed-term tenancy agreement. However, you must provide written notice to your renter/s of your intention to sell. Ask the salesperson assisting you for advice on this, but essentially it will require 14 days’ notice before you can get the ball rolling, unless the renter is happy to get started sooner.
We can have photography done at the property (while being sensitive to the renters’ rights and privacy), conduct inspections with buyers, plus all other dealings required to sell the property (including building inspections, valuers attending the property etc.). One of our main priorities is to work with the renter, not against them. We do this by grouping inspections where possible, working in with their schedule and giving appropriate notice before any inspections (unless the renter is happy for shorter notice periods, as it typically requires 48 hours’ notice).
The renter is eligible for compensation for sales inspections, this is equal to half a day’s rent or $30, whichever is greater. At Wilsons, we have a No Sale, No Risk and No Charge until happily sold approach – including covering the cost of inspections for investors who have trusted us with the sale of their property.
The renter has the right to remain in the property until the end of their tenancy agreement (unless extenuating circumstances effect this). Your sales agent will notify any potential buyers of the lease in place, and often buyers are happy to work in the current renters (especially if they are investors).
If you are hoping to sell your investment property with vacant possession, discuss your options with your property manager. This will depend on the length of the lease remaining and renters’ intentions.
A happy seller, renter, buyer and a successful sale – that’s our goal, and it’s a goal we achieve regularly with the sale of investment properties. Contact us today with any questions.
*Information correct as of 28/09/2022, visit Consumer Affairs Victoria for updated rules and regulations.
Written by Anissa Smart, Receptionist at Wilsons