Thursday, 8th Feb

If you are a tenant or landlord, you need to know this!

SO YOU'VE SOLD AND YOU'RE LOOKING TO BUY? OR PERHAPS YOU'RE LOOKING FOR YOUR FIRST HOME AND RENTING UNTIL YOU FIND SOMETHING. HERE ARE SOME IMPORTANT THINGS TO NOTE AND BEAR IN MIND REGARDING YOUR LEASE IN NSW:

IF you're In a Fixed Term Lease

  • A landlord can't terminate within a lease, they can only give them 30 days' notice, 30 days out from the end of a fixed term lease.
  • The tenant only needs to give 14 days within a fixed term lease.
  • A tenant can leave earlier but, still are liable for rent until the end of the fixed term.
  • A landlord cannot terminate a tenancy agreement on a tenant during the fixed term lease if the property is being sold - they are entitled to stay until the end of the fixed term, and this must be noted on the contract of sale, and upheld by any prospective buyer.

IF you're Beyond a fixed term lease (Also called A periodic Lease)

  • A landlord has to give 90 days notice to the tenant.
  • The tenant has to give 21 days notice.
  • If the landlord has entered into a contract for sale that requires them to give vacant possession, the Landlord must give the tenant 30 days notice.

Rent Increase

A landlord has to give the tenant 60 days written notice of a rent increase.

Rent Increase in a 2 year or more fixed term lease

Tenant can vacate by giving a 21 day termination notice and vacating, noting the rent increase as the reason.

Breach of agreement

In both fixed term and periodic, the landlord needs to give the tenant 14 days notice, and if the tenant doesn't obey, the landlord can issue a termination notice on the tenant.

**4 working days postage needs to be taken into account with any of these dates above
Information sourced from the Tenants Advice & Advocacy Services Factsheets (1, 9, 10, 16)

If you need help searching for, evaluating or negotiating property, call me today for a confidential discussion on (+61) 2 99601066 or +61 419 200 018 or enquire today for more information about how PK Property Search & Negotiators can secure your next home for the lowest possible purchase price. Also don't forget to check out our 2 minute video tutorials on our PK TV page and/or subscribe to my Monthly Market Update for my thoughts and comments about what's happening in Sydney's property market, tips and tricks to use and much more!


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