Selling Tenanted Property in NSW: Key Rights & Process
Discover the rights, obligations, and processes for selling tenanted property in NSW, ensuring compliance and smooth transactions.
Selling Tenanted Property in NSW: Rights, Obligations and Conveyancing Process
Understanding the process of selling a tenanted property in NSW is crucial for landlords and tenants alike. Here’s what you need to know.
What Are the Landlord's Rights and Obligations When Selling a Tenanted Property?
Landlords have specific rights and obligations when selling a property with tenants. Key points include:
- Notice to Vacate: For vacant possession, provide a termination notice typically 30 days post-contract exchange, varying by lease type.
- Access for Inspections: Allow property viewings with at least 14 days' notice for the first inspection and 48 hours for follow-ups.
- Tenant's Right to Stay: If sold with tenants, the new owner takes over the existing lease.
What Are Tenant's Rights During the Sale of a Property?
Tenants retain rights to privacy and potential compensation for disruption during the sale process:
- Right to Privacy: Tenants must receive reasonable notice before inspections.
- Right to Compensation: Significant inconvenience may entitle tenants to compensation.
How Does the Conveyancing Process Work for Tenanted Properties?
The conveyancing process involves several steps:
- Contract of Sale: Include tenancy details and lease agreements.
- Section 66W Certificate: Allows waiving the cooling-off period with buyer's consent.
- Cooling-off Period: Standard five-business-day period can be waived.
What Are the Current Stamp Duty Rates and Legislative Updates?
| Property Price Range | Stamp Duty Rate |
|---|---|
| $0 - $14,000 | $1.25 for every $100 |
| $14,001 - $30,000 | $175 plus $1.5 for every $100 over $14,000 |
As of 2024, stamp duty is progressive, with potential concessions for first-time buyers.
What Should Landlords and Tenants Expect After the Sale?
Following the sale, landlords must ensure all legal obligations are completed, and tenants should be informed of any changes in property management.
Frequently Asked Questions
- Can a tenant refuse property viewings?
- Tenants cannot refuse viewings if proper notice is given.
- What happens to the lease if the property is sold?
- The new owner assumes the existing lease agreement.
For expert advice and assistance with your property transactions, contact Elyment Conveyancing, your trusted NSW property law authority.