It ’ s important to ensure you have the right cover against all possible outcomes ( including loss of rent , damage , abandonment etc ), and often a simple extension to your existing policy may be all that is required .
Through the use of a Ray White property manager , landlords can access specific and robust insurance policies that are only available to those who use an accredited property manager . These can cover specific tenancy-related issues such as loss of rent due to arrears , tenancy abandonment , intentional malicious damage etc , as well as other benefits such as lower or less frequent excess costs than can be found in many generic landlord insurance policies .
Investors who utilise a Ray White property manager can rest assured they have access to the best possible cover for any unfortunate situation . It ’ s just one of the many benefits that come with having your property professionally managed .
Selling or moving back into your property
With the implementation of the RTA Amendments Act 2020 , landlords must carefully consider the possible sale of their investment property in the future , as the rules surrounding both periodic and fixed-term tenancies will change significantly when they become effective on February 11 2021 .
Periodic tenancy - before 11 February 2021
In the case of a property sale , the tenant must be given 42 days ’ written notice to vacate ( allowing an extra four days for delivery of the notice ), and any notice can only be given once the sale of the property has become unconditional .
Should the landlord or a family member wish to move back into the property , 42 days ’ written notice must also be provided to the tenant .
Periodic tenancy - from 11 February 2021
In the case of a property sale , the tenant must be given 90 days ’ written notice to vacate ( allowing an extra four days for delivery of the notice ), and only once the sale of the property has become unconditional .
Should the landlord or a family member wish to move back into the property , 63 days ’ written notice must also be provided to the tenant .
Fixed-term tenancy - before 11 February 2021
A fixed-term tenancy guarantees the property to the tenant for the term outlined in the tenancy agreement and supersedes the sale of the property or if the owner or family members wish to move into the property . Should the property be sold , and the buyer wishes to occupy the home , they may not move in until the completion of the tenancy term - unless the tenant agrees otherwise .
Fixed-term tenancy - from 11 February 2021
The current guarantee of tenure for a tenant remains in place for their full tenancy agreement term . However , fixed-term tenancies entered into after this date must convert to a periodic tenancy at the end of their term unless both parties agree otherwise , or the tenant gives 28-days ’ notice ( for any reason ). i . e . notice of the fixed-term tenancy ending upon completion to provide vacant possession for a new owner cannot be given unless the tenant agrees .
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