90 day termination notice

We have finally received an offer on our unit in Gladstone. In the lease it states that we are required to give the managing agent 90 days notice to terminate the contract. This is to cover any future bookings that they may have for the unit. (It is let in a short term pool) In theory how is this possible considering we don't know when a sale is likely to happen? They are being quite persistent and we may lose the one and only sale that we've had. The buyer is an owner occupier so it's not as though she will continue with the agent in future. I understand it is in the contract and they are running a business but given the condition of the market in Gladstone and the fact it has been on the market for nearly 3 months we are so scared of having this sale full through. Anyone have any suggestions on what we can do here please?

 

Have you spoken to your managing agent?

 

Why would you agree to a 90 day termination period if you knew you were aiming to sell? What does this management agent do anyway? Did you lease out your property to some sort of short stay company?

Anyway get some legal advice on terminating the agreement.

 

Could it be their unsubtle way of asking you to pay the management fees for the 90days?

 

Love to see how they enforce that on the buyers. And if you dont own it......

 

Yes it is leased on a short term stay contract. The 90 days termination was in the contract which we signed over 4 years ago - wasn't planning to sell then.

I have spoken to a lawyer regarding terminating the agreement. He believes if they don't have any future bookings for our unit (after settlement date) then it shouldn't be an issue terminating. Even if there were bookings then it may be possible to relocate the bookings to another unit in the complex. There are over 70 units and Gladstone is not in high demand at the moment so should be easily done but whether the agent is accommodating is another question. I'm not sure what they can do in regards to stopping settlement etc

 

Ask the manager to confirm the bookings which have been paid/non-refundable deposit paid.