Cash flow is king. I speak to property investors in Queensland on a weekly basis looking to sell. Time and again their first concern is protecting their income source whilst they try to find a suitable buyer.

If you find yourself in a similar situation I can provide some reassurance if you have the following:

  1. A validly executed, fixed term tenancy agreement
  2. An understanding of Section 307 of the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA Act).

A fixed-term tenancy agreement is binding on both parties to the agreement, lessor and lessee.

Section 307 of the RTRA Act prescribes the circumstances that allow a tenant to give 2 weeks notice to vacate if a premises is being sold. Let’s take a look.

By complying with the RTRA Act, a lessor can ensure the tenant has no valid option to end the lease agreement earlier. Just follow the instruction in Section 307 (2)

If advertising the property for sale or entering the premises to show the property to a prospective buyer, provide the tenant with written notice of the lessor’s intention to sell the premises before entering into a general tenant agreement.

Remember under a periodic tenancy agreement a tenant can give 2 weeks notice to vacate. If regular rental income is critical, it may be prudent to ensure tenants are kept on fixed term tenancy agreements.

 

Find Out More

Looking For A Property Manager?

We’ve been managing property in Brisbane’s Inner South since 1977.

With industry leading innovation, a can do attitude, unprecedented property management knowledge and a six-star service mindset, we want to be an important part of your investment journey.

Find Out More

More Landlord Insights

COVID-19 Update For Property Investors

Calls and emails to our office from property owners and tenants have increased significantly in the last few days. We're fielding a range of enquiries, we hope the following information assists.   Rent Payments An [...]

Investment Property Damage FAQs

One of the unfortunate realities of investing in real estate is the damage that can occur to your property, and the unexpected expenses that arise as a result. Even good tenants can accidentally damage your [...]

FastApp = Better Tenant, Sooner

What Is FastApp? FastApp processing is our streamlined rental applications. Most real estate offices aim to process an application in 48-72 hours. With FastApp we aim to approve a tenant for a property in 4 business [...]

Load More Posts