Landlord Selling Unit, What Can Tenant Do?

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ScoobyDoes
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Re: Landlord wants to sell.. right as a tenant?

Post by ScoobyDoes » Mon, 03 May 2010 7:15 pm

Saint wrote: I'm totally for having the TA transferred with the sale but what's the point of having a legal document that is factually incorrect? The funny things is that we'd already decided that we aren't going to renew in September so will be giving notice to current owner and ending TA with new owner!

I know what you mean but there is wording in the contract about survivability on sale relating only to the balance terms of the contract. This, then, negates the need for amended paperwork.

With having a new owner the only key thing you have to ensure is the handing back of the deposit.

We just moved out of our old place and did a handover on Friday morning. On Friday afternoon the landlord was handing the keys over to its new owner, everything going through in a single day.

This was best for us..... old landlord didn't give a toss about the condition as the new owner bought on sight and so handed over our deposit there and then. Easiest handover I've done.

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Post by jjk » Wed, 02 Jun 2010 2:09 pm

I may be very late in this posting...

but this is what happened with my case. TA was transferred, lawyers (both buyer [new LL] and seller [old LL]) letters also mentioned that TA has been transferred to new LL, my deposits has also been transferredto new LL and I should make subsequent rental payments to new LL's a/c (number provided). The only thing is, I only have the new LL's (and vice versa) mailing address. Haha. So am I supposed to send a mail over "Can I have your contact number pls? You can contact me at 98765432 or @email.com"? Haha. I have no idea on this though.

The sale was only recently completed a few weeks back.

Saint, your existing TA will state that your tenancy will end in Sep 2010? Does it also mention that you have to give notice on your intentions for the tenancy (to renew or not) no earlier than 2 months before tenancy expires? I think that's usually in most (if not all) TAs. It's fair to give LL 2 mths notice to go find another tenant shd current tenant decide not to renew/extend. Hence, since yours expires in Sep, you can give notice in July that you will not be renewing the tenancy, isn't it? I don't see how that would be going against the legal contract and I don't think you'll need to re-draw a TA.

If sale is not completed by July, you just give the notice to current LL. Best is to have it in writing (black and white) to back your case up in case either LL decides to do funny things.

That's my thoughts...

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Post by Saint » Wed, 02 Jun 2010 3:11 pm

The sale of the apartment is due to be completed the end of August and our current TA ends on the 21st September, so all this paperwork, lawyers work, transfer of funds etc is all for the sake of 3 weeks!

I've already put in writing to the current LL and Agent that we will not be renewing the lease in September. The Agent says can't tell new owner/LL until everything is signed. The new LL can not start advertising the apartment and arrange viewings via an Agent until when they legal take ownership which will only give them 3 weeks before we move out!

The current owner is happy as she's sold the apartment, I'm not bothered and will move out in September, new owner will have a new apartment which they will have to find a new tenant in 3 weeks otherwise they will lose money straightaway!

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Post by Girl_Next_Door » Wed, 02 Jun 2010 5:23 pm

Just a thought... the new LL is going to be the one returning your deposit right? I am not sure if its a good thing or bad thing to give a heads-up to the new LL. I noticed that most LL tend to over-stretch themselves, and they constantly used a new deposit to repay the old deposit.

If the new LL have just bought the new place, he/she might be short of cash to pay you back the deposit (especially if its a big amount). While you are glad to be getting out of the lease, the new worry will be getting your deposit back from the new LL. You might also want to check on how will the assessment of the apartment condition be determined, since your new LL have never seen it before you lease it.

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Post by Saint » Wed, 02 Jun 2010 5:40 pm

Girl_Next_Door wrote:Just a thought... the new LL is going to be the one returning your deposit right? I am not sure if its a good thing or bad thing to give a heads-up to the new LL. I noticed that most LL tend to over-stretch themselves, and they constantly used a new deposit to repay the old deposit.

If the new LL have just bought the new place, he/she might be short of cash to pay you back the deposit (especially if its a big amount). While you are glad to be getting out of the lease, the new worry will be getting your deposit back from the new LL. You might also want to check on how will the assessment of the apartment condition be determined, since your new LL have never seen it before you lease it.
Which is one of the main reasons I wanted to terminate the lease on completion of the sale, then my current LL just gives me back the full deposit. If the new LL tries to find a way of not giving back the full deposit in only 3 weeks I'll be really pissed off! I've already decided to video record the entire apartment on the day of completion so I have a record of the condition of the apartment on the day the new LL takes it over.

Didn't particularly like the look of the new owners when they came and viewed the apartment. They were chatting in Mandarin thinking I wouldn't understand (which I don't) but they forgot Mrs S was there! They were saying that the current rental is too low for a fully well furnished apartment and will go up $500 at renewal. Mrs S had to inform them that virtually all the furnishings and fittings are actually ours!

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Post by Saint » Wed, 02 Jun 2010 5:42 pm

Girl_Next_Door wrote:You might also want to check on how will the assessment of the apartment condition be determined, since your new LL have never seen it before you lease it.
The new owners buy the apartment in the condition it's in at completion, not 2 years ago, this is what the full deposit will be based on!

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Post by jjk » Wed, 02 Jun 2010 5:52 pm

saint, I agree with you that the assessment of the apartment is at completion. They viewed it and areed with the price tag, then that's what they are paying for.

As for returning deposit, usually TA would state that they have to return deposit within X days of handing over. Of course, can sue etc, but that's all too troublesome. But at least, it's something you can fall back on. In fact, maybe giving them the heads up that you will not be renewing can get them prepared to return you the deposit. They have from now till mid-Sept...

You have given your due notice, so my opinion is, you are ok. Agent doesn't want to inform new LL, that's agent's fault I think. New LL would already know that your tenancy is ending in mid-Sept. I think it would be silly of new LL to think that tenants would automatically renew? That's lousy planning then. And I don't see why the agent that sold the place can't advertise for new tenants...coz say (a) sale falls through for some reason (new LL's bank loan not approved), current LL would also need to find tenant anyway. (b) sale completes, new LL also needs tenant. So why can't the agent just advertise? When sale completes, the legal owner just pays the agent the commission?

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Post by Saint » Wed, 02 Jun 2010 7:15 pm

I understand everything you say and the agent is going to tell the no owners 2 months before TA ends that we aren't renewing. But still the new ownser aren't allowed to legally advertise until post completion. The agent dealing with the sale, who's a friend who lives in same complex only deals with residential sales, doesn't do rentals.

Anyway, I'm going to play everything by the book!

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Post by jjk » Thu, 03 Jun 2010 10:47 am

hmm...too bad for the new LL then. I guess there's nothing they can do, since they bought the place, knowing that lease is going to expire. Maybe they are so optimistic of the market and the location of the apartment, that they are confident of finding a tenant within 3 weeks. That's for them to worry about.

You just play by the book. Nothing more. :D

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