What Every Investor Needs To Know About Termination Notices To Vacate

By Author: Ian Comnys
Total Articles: 39
Comment this article

In a perfect world, tenants would pay their rent on time, keep the property well maintained and stick to all the terms and conditions of a tenancy agreement. However, the reality is that sometimes, even after the most careful and stringent selection process, some tenants will breach their tenancy agreement.

For property investors and landlords, it’s important to understand the ramifications and legislative processes involved if this does occur.

In most situations, the managing agent of the property will be able to follow up, mediate and negotiate a resolution to avoid the breach escalating. However, if a tenant fails to rectify the breach, landlords are often left with no other resolution than to issue a termination notice to vacate.

A termination notice is a notice given to the tenant by the landlord detailing the specific breach of lease and affects the end of the 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.

Issuing this notice is always a last resort, but is particularly important if the rent’s in arrears in order to prevent further financial loss. If the notice isn’t issued the tenant can remain in the property without paying rent.

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

The best way to avoid this situation is by employing a property management agent to manage the property.

To assist investment property owners and home-buyers in managing their property interests, Exchange Property Sales and Management has published a FREE Property Investor Handbook.

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

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.

Ian Comnys is the owner and Director of Exchange property, Exchange property sales & management is a Sydney based property management company helping you in selling your home or renting out a property in Sydney's inner west.