Thinking of buying apartment with tenant in it under contract until 2022
Leasing agent is different & unrelated to selling agent
Want to go direct to tenant, offer rental discount, so win-win
Any suggestions how to circumvent leasing agent, after settlement, other than “just cancel the contract & hope they don’t pursue you through court”?
Ways to Ditch Leasing Agent after Buying Apartment with Contracted Tenant
Boogerman on 24/04/2021 - 08:18
Comments
Ta. Good heads up!
Is there a current contract? What does it say?
I would have thought the contract with the leasing agent is tied to the current owner and is void if the property is sold.
Unless you sign up to the leasing Agent to start from settlement, their contract ceases then.
It would be illegal for them to act as property managers without a signed authority from you after settlement.
Even if you signed up with them you can leave at any time. There is no binding period on ongoing rental management, only whilst leasing, if that is specified.
Thank you. Much appreciated!
We bought a property that was under lease via an agent and at the time of settlement we changed the managing agent with no issues
Thank you. Much appreciated!
It’s very good to know, as I was overthinking common/statutory contract law
The vendor will have a management agreement with the current r/e agent - this will set out the terms of the rights and obligations upon the sale of the property.
The new owner (you) can decide who you want to manage (in this case, yourself).
At settlement the solicitors tell the old property manager to give you the file and tells the new tenant to give rental payments to you.
It's up to you whether you engage a property manger or not.
If you don't I'd use the savings to look into any repairs or improvements.
A good question. Don’t forget to check in with your insurance company too if its self managed…mine specifically asked if an agent was managing it.