SOMETIMES an investment property may need to be listed for sale while still tenanted.
It is essential to consider the tenant in this transaction and ultimately the relationship between the tenant and property manager is something that will make marketing the property for sale as smooth as possible.
When listing an investment property for sale the tenant must be given a Form 10 - Notice of lessor's intention to sell premises.
If the tenant has occupied the residence for less than two months and they were not advised of the intention to list the property for sale, the tenant has the option of ending the agreement with two weeks notice.
If the property is listed for sale, it is important to remember the tenants lease is a priority and the tenant cannot be forced to leave if they are on a fixed agreement.
Tony Franke from Ray White Toowoomba Range and Highfields explains there are many other things to consider when listing an investment property for sale.
"Selling agents must respect tenants rights when selling an investment property," Mr Franke said.
"Tenants should be provided with details of how the property will be marketed and for privacy reasons, it is essential to gain tenants written approval for any photos of their possessions used in marketing materials.
"It's also important the selling agent discuss open houses with the tenant and obtain their agreement in writing."
Mr Franke said communication was the key to successfully listing and marketing an investment property for sale.
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