Advice wanted on short term tenants

Discussion in 'Property Management' started by Casey, 29th Nov, 2015.

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  1. Casey

    Casey New Member

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    Hi I am buying a house that is tenanted , they are moving out 2 weeks later. Is there an easy way of managing this? I assume the process would be for house inspection on day of settlement, and transfer to me with new property inspection, by property manager, and having to pay a letting fee?
     
  2. wylie

    wylie Moderator Staff Member

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    Can you arrange for the settlement to wait until they move out?
     
    Propertunity, WestOz and Terry_w like this.
  3. Xenia

    Xenia Best Adelaide Property Manager Business Member

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    If you use a property manager, they should not charge any letting fees.
    Best to use whoever is managing it now and get them to continue the process and finish off with bond refunds and outgoing inspections.
     
  4. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    If it were me, I'd delay settlement by 14 days and take vacant possession.
     
  5. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    If it is going to be your primary residence, it would be a lot tidier if you didn't take possession till the tenants are out. It keeps your CGT exemption clean.
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Fail to settle on the day and reschedule for 2 weeks later. (Be wary of any penalties).

    Is it an ipor ppor,? Have you considered the cgt & land tax consequences?
     
  7. Azazel

    Azazel Well-Known Member

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    +1 to this.
    Would be a much smoother transition if they get out before settlement.
     
  8. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Yes, they may issue a 14 day Notice to Complete (NTC) & charge penalty interest BUT a NTC is usually only a $250 cost and penalty interest for 2 weeks is almost nothing.
     
  9. Casey

    Casey New Member

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    Thanks for your responses, very helpful I only own one other property it has 2 industrial units and a house on it, and this will be my ppor .