Renting IP pre-settlement??

Hi Alex
Are you the buyer or seller ?
Assuming you're the seller :
Unless the contract expressly prevents renting it out, you technically still own the property until successful settlement, at which time ownership passes to someone else.
So while you own it, do what you like.
However, you have purchaser's  expectations to fulfil at settlement.
Does the purchaser want a tenant ?
If so, they might like to choose the tenant.
If the purchaser does not want a tenant, then you are seeking a tenancy which can be successfully terminated on settlement, and, which will not affect the condition or appearance or vacant possession of the place by settlement date and which will not risk the premises passing final inspection before settlement..

If you are the purchaser, then any rent belongs to the seller who is still the owner, until settlement.
cheers
thecrest

Just a quick one on this, When banks look at the rent, do they look at the full rent or, take a % of it?
I heard that banks will only take around 70% of rent into consideration of serviceability, Is this correct??

If you are the seller, you would need to get the buyer's agreement esp if they were buying with vacant possession.

If you are the buyer, you don't own the property yet so you cannot enforce any of your wishes over the vendor. The vendor may agree that you can lease out the property however it would be very conditional – vendor keeps rent up to settlement, buyer pays cost of finding the tenant, buyer accepts any damage which the tenant causes prior to settlement, buyer insures the premises etc.