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Changing rent destination (bank account) details

Discussion in 'Property Management' started by legallyblonde, 17th Oct, 2015.

  1. legallyblonde

    legallyblonde Well-Known Member

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    Good Morning,

    In the very near future I need to change the account that my tenants are currently paying rent into....

    Silly Question: But how does one do this?

    I am assuming that if I notify them in writing with 14 days notice this will be fine? My tenants are great and I know they aren't going to cause any issues ect. But I would still like to know the 'correct' way of amending details such as these!

    Any thoughts would be greatly appreciated.
     
  2. Sonamic

    Sonamic Well-Known Member

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    Do you self manage? I just got my PM to do mine. Went smoothly as the tenant pays the real estate they take their cut and pay me the balance at the first of each month.
     
  3. legallyblonde

    legallyblonde Well-Known Member

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    Yes. I do self manage.
     
  4. legallyblonde

    legallyblonde Well-Known Member

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    I won't have an issue with the tenants, I was just wondering if there is anything in particular I need to do to 'officially' vary the details outlined in the contract.
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    Do it one payment before it's necessary. So that you have both accounts and know if they've received the notice and changed the details.

    Notify just after the current period rent is received, reminder one week out.

    If the payment goes to the correct account you can then close it and move on.
     
    See Change likes this.
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Read your agreement and see how notice is given, probably in writing. But expect them to not notice or put the first few payments into the old account.