Terminating a Tenancy – it’s all in the timing
As a professional investor one of the most critical requirements you will have is selecting the “right” tenant. Someone who pays rent on time and looks after the property as if it were their own home. This is after all, exactly what you are providing – a Home.
It is imperative that your property manager does extensive backgrounds checks to eliminate the high risk applicants and to source you the best possible tenant. But what happens when a couple of months into the tenancy, your tenant starts to pay their rent five, seven maybe even ten days late? Periodic inspections reveal that the premises are not really being cared for in the manner that you may have hoped. This can be a frustrating position to find yourself in!!
Under Victorian Residential Tenancies legislation (Stuart have this link to the legislation – get info from Maureen if not sure), a landlord can avail himself of the right to terminate a tenancy at the end of the fixed term. Depending on the length of the fixed term you, or your Agent, can issue a 60 or 90 day Notice which will effectively end the tenancy when the fixed term expires.
It’s all in the timing, so if you have a tenant that has proven somewhat frustrating make sure you contact your Agent at least three months before the fixed term is due to expire.
Posted: Thursday, 28th May 2009 at 3:45 pm
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