Navigating Tenanted Properties in Queensland

Found the perfect property but it’s tenanted? Don’t stress, this could be a great opportunity if you’re investing, or a manageable step if you’re planning to move in. We get that it can feel a little uncertain, so here’s a simple guide to navigating tenanted properties in Queensland.

Buying a Tenanted Property: Essential Steps

Step 1: Review the Tenancy Agreement

• When you can finally move in (lease expiry date)
• What the financial commitment looks like
• Any special arrangements between landlord and tenants
• Who's responsible for keeping things in working order

This is your friendly roadmap through unfamiliar territory.

Step 2: Thorough Property Inspection

• See the true character of your potential new property
• Spot any issues that might need your loving attention soon
• Ensure everything from taps to light switches works properly
• Get a sense of how the current tenants have treated their home

Buying for Different Purposes

Moving In? Consider This:

Dreaming of making this place your own? Keep these heart-to-heart points in mind:

• You'll need to respect the current lease before creating your nest
• To receive your Transfer Duty Concession (and save those precious dollars!), you must move in within 6 months of settlement
• You'll briefly step into landlord shoes while waiting for tenants to move on
• Found "the one" but facing a longer lease? Chat with us about extending settlement to protect your dream and your wallet

Buying as an Investment:

Advantages:

• Immediate rental income from day one
• Established tenants with payment history
• No initial vacancy period

• Tenant reliability and payment history
• Property condition
• Current property management
• Rental rates compared to market value
• Alignment with investment goals
  

Landlord Responsibilities in Queensland

As a Queensland landlord, you must:

• Provide proper inspection notices
• Address maintenance requests promptly
• Manage bond payments appropriately
• Ensure the property meets safety standards

Landlord insurance is essential for protecting your investment.

Selling a Tenanted Property

When selling with tenants in place:

• Clearly state in the contract that the property isn't being sold with vacant possession
• Provide tenants with at least 30 days' written notice before selling
• Respect that Queensland tenants can refuse open house inspections and request private viewings only
• Maintain tenants' right to quiet enjoyment throughout the sale process
• Consider how tenants may affect your property's market appeal
  
  

After Settlement

Once the sale is complete:

• Your conveyancer will arrange rent apportionment at settlement
• New owners must notify tenants of the ownership change
• Notify the Residential Tenancies Authority (RTA) about the ownership change

The Bottom Line

Tenanted properties come with their own unique blend of considerations that can significantly impact your real estate journey. The good news is you don't have to figure it all out by yourself.

As experienced conveyancers, the Cozee team understands the legal complexities of tenanted property transactions. We'll help you navigate the paperwork, ensure proper settlement procedures, and guide you through the specific requirements for tenanted properties in Queensland.

Have questions about buying or selling a tenanted property? We'd love to chat! The Cozee team is just a call away, ready to make your property transfer smooth and stress-free.