07 Feb Details Regarding Tenancies in the Reference Schedule of the REIQ Contract
If there is a tenancy in place in respect to a property, do you put details of the tenancy in the Reference Schedule in the Contract under the heading “Tenancies”?
Yes, if the property being sold is subject to the tenancy. If, however, the property being sold is not to be subject to a tenancy after the settlement date then the tenancy details are not included in the Contract. If nothing is stated in the Reference Schedule in the Contract under the heading “Tenancies” it will be presumed that the property is sold with vacant possession from the settlement date.
NOTE: It does not matter whether the tenancy is a periodic tenancy or fixed term tenancy. Details of the tenancy are only included in the Contract if the Contract is subject to a tenant i.e if after the settlement the parties have agreed that a tenant will remain in the property.
It is the Sellers obligation to make sure that if the Contract is not to be subject to a tenancy that the tenant vacates the property on or before the settlement date.
Learn more about the Details Regarding Tenancies in the Reference Schedule of the REIQ Contract, contact OWNit Conveyancing today.