Property Investment

Answers to your leasing questions…

What is a “fixed term agreement” and what happens when the term expires?

A “fixed term agreement” is the period where the terms of the tenancy are “fixed” for a period of time.  We strongly recommend always re-signing to a fixed term giving you peace of mind and security for the term of the lease. After the “fixed term” has expired, the tenancy may continue under the same terms and conditions but can be altered by giving the required notice.

If I’m leasing a property, how much notice do I have to give to vacate?

You first need to make sure the fixed term of your lease has expired.  If it has not expired you cannot give notice to vacate.  If the fixed term is about to expire and you wish to vacate when it does, you are required to give 14 days notice in writing.  If the fixed term of your lease has expired and you are still residing in the property, you are in a continuing lease. You are required to give 21 days notice of intention to vacate and this must always be given in writing.

The property I rent is for sale. If it is sold and I have to vacate, how much notice am I entitled to?

If you are still in the fixed term of your agreement then the sale is subject to the existing tenancy.   If the property is sold during this term you are entitled to stay until your lease expires.  However, if your lease has expired and the property is sold requiring vacant possession, the tenant can be given a minimum of 30 days notice to vacate the property. This notice is served after the contracts have exchanged.

How much notice do I have to give to increase the rent on my investment property?

If the fixed term of the tenancy agreement has not expired, the rent cannot be increased during this period unless it has been written into the agreement at the commencement of the tenancy.  If the tenant is on a continuing agreement, the tenant must receive a minimum of 60 days notice of a rent increase. This notice must be given in writing and you must allow four working days for postage.

I have lost the keys to the house I rent and want to get the locks changed. Am I allowed to do this?

According to the Residential Tenancies Act, you can change the locks;

(a)  in an emergency, or

(b)  in accordance with an order of the Tribunal, or

(c)  after the tenancy of a co-tenant was terminated, or

(d)  after a tenant or occupant of residential premises was prohibited from having access to the residential premises by an apprehended violence order.

However you must supply the landlord or landlord’s agent with a copy of the key with 7 days.

If you have any questions on any property management matter, please do not hesitate to contact the Professional Team at Ray White Dubbo on (02) 6884 1555