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A licensed Realtor in Australia is not required to independently verify the rightful owner/s of property before preparing lease documentation.
Sounds comforting.
:)
thank you for helping me.
There is no more questions now.Thank you Terry,
For No.3, are you saying that a licensed Realtor in Australia is:a) not required to independently verify the owner/s of the property before leasing the property?
b) & that after verifying that there are multiple owner/s, that the Realtor can then go ahead and make a legally binding contract between only one owner & the tenant, without having evidence of consent by other owners?Thank you everyone for theses suggestions.
To Steve,
May I say, firstly Wow! Congratulations on what you have built.
I agree, the “Heads of Agreement” is absolutely vital. I’m beginning to note things down as I think of them so as to include them in the final draft. But yes, I will get it written by a lawyer.To Terry,
1. Can I assume that above that my brother would rent it out directly, no RE agent middle man?
2. In such a case, a cease & desist letter from a lawyer sent to him could start proceedings on the right track?3. Can I assume, that the contract would not be legal if done by a RE agent? I’m thinking that before agents can prepare a rental agreement, they must first independently check the names of the owners names on the deed. If there were 2 names then the contract would also need 2 signatures?
Thank you and with best regards.
Thank you hobartchic. Yes, of course selling is a option however a rental income stream is more attractive is more attractive for me if it can work. Understanding boundries & minimising wiggle room for possible deviants is my purpose for enquiry here.:)
Anyone know, What legal standing do i have in the event my brother decides to rent the property under only his name?
Can such a contract be legally binding?Thank you again for the thoughtful replies.
Dear Corey & TerryW,
Thank you both very much for your responses.
The property manager here seems to be key in all our opinions.
I will ensure that the contract between landlord & property manager clearly states that all payments to landlords must be split into 2 separate bank a/cs.Good point also about property running expenses a/c. I can foresee my brother “not having the money” to fix/ pay for things when the time comes, asking me to fork out all of it, yet still feeling entitled to rental payments! Need to set up some kind of account balancing routine here.
My next question is;
What legal standing do i have in the event my brother decides to rent the property under only his name?
Can such a contract be legally binding?Thank you again & with best regards.
