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Thread: Why do they have to do this to us now?? :(

  1. #1

    Join Date
    Jul 2007
    Location
    Dapto, Illawarra...NSW
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    2,009

    Angry Why do they have to do this to us now?? :(

    We are currently renting a 4 bedroom duplex, we love it here and although it's not a huge home it's big enough for us (and the new bub we have on the way) and affordable at $300 a week.

    The owner has decided to sell I have been looking at places on the internet and the cheapest four bedroom places I can find are at least $70 more a week than what we are paying now.

    I am a little stressed about the prices but I know we can do it if we make a few sacrifices (pay tv etc..)

    My biggest worry is that they are selling through a different real estate to who we they have managing the rental. Soooooo, if we find a new place we have to give 3 weeks notice to our real estate, which means we will be paying double rent for three weeks and we simple can not afford that!
    I don't need this stress right now....it's on my mind constantly and driving me insane.

    Anyway.....after all that rambling I do have a question for anyone who knows about Real Estate.
    If the property sells, will that cancel out the current real estates responsibility of managing the property seeing as it will have different owners and different selling real estate therefore cancelling out us having to give 3 weeks notice?
    Hmmmmm, that's a very confusing question, I hope someone knows what I mean, LOL.

    Please send out vibes (or pray if you're that way inclined) that an investor buys the house and lets us stay!!!


  2. #2

    Join Date
    Dec 2007
    Location
    Sunny Qld
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    14,683

    Default

    Quote Originally Posted by Marlene View Post
    If the property sells, will that cancel out the current real estates responsibility of managing the property seeing as it will have different owners and different selling real estate therefore cancelling out us having to give 3 weeks notice?
    I'm a little confused by the question, but even if they are selling with a different real estate, the new owner may choose to have the same real estate be the property manager, because its easier for them than worrying about getting another property manager. Thats what I would do anyway if I was an investment buyer

    A similar thing happened to us, we were told they wanted to sell, so we went and put a contract on our own place, and then they said we had to pay out our lease for another 6 months because it was our lease, and they weren't ready to put it on the market. I fought through the real estate agent cos it was crap, and they only made us pay rent for another month. Which was still hard because we weren't living there, and we had a mortgage, but it was doable.

    Just relax and wait until they have a contract on the place, at least then you will know for sure if you need to move or not.

    And then move to tassie

  3. #3

    Default

    Quote Originally Posted by Marlene View Post

    Anyway.....after all that rambling I do have a question for anyone who knows about Real Estate.
    If the property sells, will that cancel out the current real estates responsibility of managing the property seeing as it will have different owners and different selling real estate therefore cancelling out us having to give 3 weeks notice?
    Hmmmmm, that's a very confusing question, I hope someone knows what I mean, LOL.
    No. The lease agreement you have in place stays. So if you have a lease that expires in 12 months time, than they (the new owners and the real estate managing the property) have to honour it. Sometimes, a new owner will prefer vacant possession, and may offer you a payout to get you out earlier. You don't have to take it if you don't want to.

  4. #4

    Join Date
    Jul 2007
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    Dapto, Illawarra...NSW
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    Default

    The first lease we ever signed on this place was when me moved in 3 years ago, and it was only only a 6 month lease, so we only have to give them 21 days notice and they have to give us 28 days. It's more that I'm worried about paying double rent, but I suppose if it comes to it we will find the money somewhere.

    I'm feeling a little better about it now, I just spoke to the selling agent and they have only had two people interested so far and both have been investors. Because it is a duplex I think it is not always something home owners want. There is someone coming through tomorrow who apparently only lives a couple houses away from us who is very interested (as an investor) so.....finger crossed!

  5. #5

    Join Date
    Jun 2003
    Location
    Ubiquity
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    It must be different state to state. Check your lease for further information. Victorian leases state (and I'm pretty sure it says so in the rental act or whatever it's called) that if an owner wants to sell they must give the owners 90 days to break the lease. I've had quite a few friends caught by this.

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