“I’m still on a fixed-term lease and my property has been sold. Is my lease still valid?” Tenant, VIC
We asked Metro Property Management Director, Leah Calnan for her advice.
In the event your rental property is sold while you are on a fixed-term lease agreement, Leah said the fixed-term lease agreement will remain in place.
“The purchaser is purchasing the property with you as the tenant in place, and as per the length of the current tenancy agreement,” she said.
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“If the purchaser has plans to move into the property themselves, then you may find they will serve you with a 60-day notice to vacate – a minimum of 60 days prior to the expiration of your fixed lease.”
Lease agreements are contracts
The purpose of a contract is to plan ahead for anything that might happen in the future. It’s why your lease might even have a clause detailing what will happen in the event of a natural disaster outside of human control (usually referred to as an ‘Act of God’).
So hunt through your paperwork and check out your lease. You’re going to want to look for anything that talks about what happens if your landlord decides to sell up.
The only way to find out what’s going through your landlord’s head is to talk to them. As long as you live there, remember you have rights under the lease.
Bear in mind that every Australian state has slightly different laws. So make sure you familiarise yourself with your state’s tenancy laws so you know how much written notice you need to be given before, during, and after the sale.
You might also like:
– What to do when your landlord is selling the house you are renting
– I was on holiday and found out I have to vacate my rental
– Your step-by-step guide to end of lease cleaning