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15 JUNE 2010 – CONTRACT SUBJECT TO TENANCY?

15 JUNE 2010 – CONTRACT SUBJECT TO TENANCY?

Q.Is a Buyer entitled to vacant possession of the property if, on the Contract, it is stated that there is currently a tenant?

A. No.  If there is a tenant in the property and the tenancy details are set out in the Contract the Buyer will acquire the property subject to the tenancy and the Buyer will take over the tenancy.  The Tenant will remain in the property subject to the terms of the tenancy agreement. If there is a tenant in the property, but the property is being sold with vacant possession and the Contract does not show details of the tenancy, then the Seller must remove the tenant prior to completion.

TIP: If a Contract is subject to a tenancy the Buyer should find out the details of rental, outgoings, bond etc and obtain a copy of the Tenancy Agreement.  The Seller should notify the tenant of the sale and the details of the new owners.

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