New advice on termination notices to vacate for investors

NSW Property Management firm Exchange Property Sales and Management says that property investors and landlords need to understand the ramifications and legislative processes involved when tenants breach lease agreements.

A termination notice is a notice given to the tenant by the landlord detailing the specific breach of lease and affects the end of a tenancy agreement. The agreement ends once the tenant moves out and returns the keys to the landlord.

If the tenant doesn’t leave by the day specified in the notice, the landlord can then apply to the Consumer, Trader and Tenancy Tribunal (CTTT) for a termination order. A termination order ends the tenancy and specifies the day on which the tenant has to move out and hand over the keys.

While in most situations, property management agents are able to follow-up, mediate and negotiate a resolution to avoid the breach escalating, sometimes there can be no other option than issuing a termination notice to vacate.

Issuing this notice is always a last resort, but it’s particularly important if the rent’s in arrears and further financial loss needs to be prevented.

If the notice isn’t issued the tenant can remain in the property without paying rent.

If the situation becomes serious, then we must apply to the CTTT to gain possession of the property and seek compensation for the lost rent. We can only apply to the CTTT after the notice has been served.

The best way to ensure that this situation doesn’t arise is to employ a property manager to do the work.

To assist investment property owners and home-buyers to negotiate the best price for a property, Exchange Property Sales and Management has published a FREE Property Investor Handbook.

The handbook can be download for free from the Exchange Property website.

About Exchange Property Sales and Management

Exchange property sales and management is an integrated real estate sales and property management agency specializing in Sydney’s inner west. It achieves great sales prices through the application of its five-step sales plan, on-time rents through its energetic attention to detail.

The team at Exchange Property Sales and Management are experts in maximizing a property’s sales or leasing potential, as well as finding that perfect new home to buy or rent.

Contact Exchange Property Sales and Management on (02) 9146 5324.