Yes. You can sell a property while it is tenanted. Depending on the tenancy agreement and your plans for the property, you may sell it with the tenant remaining in place or sell with the intention of providing vacant possession.
There are a few important things to consider:
- Check the tenancy agreement: A fixed-term lease will generally continue when the property is sold, with the buyer becoming the new landlord. Different rules may apply to periodic tenancies and vacant possession.
- Notify the tenant: Each state and territory has rules about when and how tenants must be notified that a property is being sold.
- Arrange inspections correctly: You must follow the required notice periods and access rules before entering the property for photography, buyer inspections or open homes.
- Respect the tenant's privacy: Work with the tenant to arrange reasonable inspection times and minimise disruption.
- Be clear with buyers: Let prospective buyers know that the property is tenanted and provide relevant details such as the rent, lease term and tenancy arrangements where appropriate.
- Consider your target buyer: An existing tenancy may appeal to investors looking for immediate rental income, while owner-occupiers may prefer vacant possession.
If the buyer wants to move into the property, the sale itself does not automatically end the tenancy. The applicable tenancy agreement and your state's or territory's residential tenancy laws determine when and how vacant possession can be provided.
Before promising vacant possession or issuing a notice to the tenant, check the requirements in your state or territory or obtain advice from the relevant tenancy authority or your legal representative.
No Agent Property can advertise tenanted properties for sale on major property websites, allowing you to deal directly with interested buyers while managing the sale yourself.