All Topics / Help Needed! / Selling property with tenants that wont leave

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerw
    Join Date: 2015
    Post Count: 4

    G’day,
    My wife and I recently separated and have decided to sell one of our investment properties for financial reasons alone. We received a very good offer subject to vacant possession, however the tenants are reluctant to go despite offering a few thousand dollars cash for the inconvenience and a real estate offering to help them search for a new rental. As this was a financial decision, we are now considering giving them notice that we intend to raise the rent in order to cover our financial situation of being seperated and having more costs to incur. The property is currently rented at least $20-40 a week below similar properties in the area, however we feel that the tenants will try and contest any increase. I dont want it to look like we are pushing them in to a corner, however the best case scenario would be for the sale to go through. Does anyone see any problems with the steps we would like to take which would result in either a sale or increased rent? Any help would be appreciated. Cheers
    tugger

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    give them notice to vacate?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerw
    Join Date: 2015
    Post Count: 4

    They still have 10 months left of their contract so I don’t think I can give them notice to vacate. Or can I?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    If that is the case probably not.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618

    If they still have 10 months to go then you are unlikely to be able to increase the rent.

    Profile photo of TheNewGuyTheNewGuy
    Participant
    @thenewguy
    Join Date: 2014
    Post Count: 151

    Not that I think it will change the answer but what state is the property in? But I doubt you can increase the rent or get them to vacate without their consent in any state. Happy to be proved wrong though.

Viewing 6 posts - 1 through 6 (of 6 total)

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