Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 Procedure of buying a tenanted property

views
     
shaniandras2787
post Jul 12 2016, 09:23 AM

drugged coordinator
*******
Senior Member
2,309 posts

Joined: Apr 2011
QUOTE(llthim @ Jul 9 2016, 08:50 PM)
Hi I'm interested to buy a property but currently the unit is tenanted. The agreement will end at somewhere around Aug. I would like to ask is there any differences of process during the purchasing? Do the owner responsible to cover the cost of repair the damage and make sure the tenant is moved out before the deal is completed?
*
A normal sub-sale transaction would take three months to be completed meaning to say, by the time you settle the balance purchase price to the property, the property would be vacant.

There would not be a difference in terms of the sale procedure because the tenancy does not cross into the completion period.

Your main concern is the state, nature and condition of the property may be substantially different from that you see during your inspection.

Have your lawyer incorporate a term into the sale and purchase agreement whereby you are allowed to conduct a joint inspection of the property when the tenant moves out and impose an obligation to the vendor to fix any visible material defects in the property at the vendors' own costs and expenses.

There should be a bare minimum warranty by the vendor in respect of the condition of the property.

 

Change to:
| Lo-Fi Version
0.0140sec    1.26    7 queries    GZIP Disabled
Time is now: 27th November 2025 - 10:06 AM