residential house sales – a year in review


purchasing an investment property?


what happens when a tenant gives notice?

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vacateThere is more to the vacating process than a final inspection and releasing the bond.

  1. Tenant Responsibilities: Has the tenant given the correct notice in writing? Are they breaking their lease? Will they be responsible for a portion of reletting expenses, such as advertising?
  2. Reletting: Will the property be relet? Will it be for a long or short term tenancy?
  3. Rent Review: Does the market allow for an increase or is it necessary to reduce the rent to give the best chance of finding a tenant in a timely manner.
  4. Advertising: Start the advertising process as soon as possible to give maximum advertising time.
  5. Confirming the Details: Confirm in writing to the tenant their vacate date, monies owed and the expectation in relation to the final inspection regarding what needs to be cleaned, removed, etc.
  6. Final Inspection: The property needs to be handed back in the same condition as it was offered to the tenant. Is the property clean, gardening done, all furniture removed, rubbish removed, damaged caused by the tenant repaired?
  7. Keys: Verify that all keys are returned by the tenant including any copies that may have been produced.
  8. Condition Review: Is the property ready for the next tenant, or will maintenance, repairs or improvements need to be carried out? Organise any cleaners, gardeners, tradespeople, etc. as required.
  9. Releasing Bond: The bond is not released until all expenses are covered where applicable, including rent to vacate or required notice period, cleaning, gardening, rubbish removal, outstanding charges for water, break lease costs, damage caused by the tenant repaired, etc.
  10. Default Database: Does the outgoing tenant need to be listed on a default database?

Tip: Never begin a new tenancy too close to the end of the previous one. Always allow ample time so the property is presented to the ingoing tenant in the best condition.