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Selling with Tenants - Pure Property Sales

Pure Sales was set up because of the demand of investors using Pure Rentals services wanting to sell their investment property.

Selling a property that is tenanted, while making the process a little more involved, is not a problem. A tenanted property will be very attractive to investors. There are a few things to remember.

Giving Notice and Vacating

Firstly, your tenants need to be given notice within a reasonable time frame after the contract is signed. For tenants on a periodic lease, there must be a minimum of 4 weeks between the signing of the contract and the time the tenants are required to vacate. A buyer may be happy for the tenants to remain in place, however this is entirely at their discretion.

For tenants residing in the premises on a fixed term lease, you cannot force them to vacate until their fixed term agreement has concluded. It can, however, be sold to a buyer during this time. Many sellers are able to come to an agreement with their tenants if they wish to sell a property before the conclusion of their lease.

Inspecting a Tenanted Property

In the terms of a tenancy agreement, tenants are entitled to ‘peaceful enjoyment of the property’. In layman’s terms, they can’t be hounded with inspections and entry notices. When selling a tenanted property, you are required to give the tenants 24 hours notice to inspect the property. Usually, it works best to hold a regular, weekly open for inspection at a set time. This predictability allows the tenants to continue to peaceably enjoy the property while still allowing the agent the opportunity to show the property to prospective buyers.

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