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Selling a tenanted rental property?
9 November 2017

Adele Ransley has recently been working with several vendors selling tenanted properties. She writes about how to make the process of selling a tenanted property easier:

Step 1 – preparing to sell

  • Give your tenant/s notice that you are selling the property as soon as possible.
  • If you have a property manager, advise them as well.
  • You must provide your tenants with written notice before you market the property, even if you have verbally informed them.
  • Set up a time for your tenants to meet with the real estate agent to discuss access to the property.

 

Step 2 – marketing the property

  • Remember that this is your tenants’ home and they may not want photos taken of their personal items. You need to consider their privacy.
  • You must get permission in writing from your tenants before you or the real estate can enter the property to take photos.  
  • The tenants can refuse to allow you to take photos in certain rooms/areas and may only agree to photographing the outside of the property.

 

Step 3 – Getting access to the property

  • You and the real estate agent need to advise your tenants that potential buyers, building inspectors, meth tester, and valuers may be coming through the property. Although you have the right to show people around you cannot do this without getting the tenant’s permission.
  • Tenants cannot decline access to the property on unreasonable grounds - they must consent to allowing people through their home but can set reasonable conditions. It’s best to record in writing, signed by all parties, the terms of entry to the property.
  • Open homes may be an issue for tenants. Rather than having their weekend disrupted, suggest liaising with the real estate agent to set up appointment-only viewings at times more convenient for them.
  • You may decide to give the tenants a rent reduction for the inconvenience of allowing open homes or appointment viewing and may be worth it to keep the tenants happy and keep it as smooth as possible.

 

Keep watching for the next series of tips on this topic including what the Agreement for Sale and Purchase needs to say or email Adele if you have any specific queries - team@thelawshop.co.nz.

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