Putting Your Rental on the Market for Sale

What you need to know when putting your rental on the market for sale

Published on: 22 Jan, 2024

Source: Harcourts.net


Section 47 of the Residential Tenancies Act 1986 (RTA) states that if at any time after entering into a tenancy agreement, the landlord puts the premises on the market for the purposes of sale or other disposition, the landlord must, as soon as practicable, give written notice to the tenant.

Furthermore, when a landlord is offering a property for rent, the landlord shall inform any prospective tenants if the premises are on the market for the purposes of sale or other disposition.

Failure to do so is an unlawful act and may attract exemplary damages of up to $1800 payable to the tenant. In addition to the exemplary damages payable to the tenant, a landlord who fails to inform prospective tenants that the property is on the market commits an infringement offence and is liable to a fine or an infringement fee of $500 to $3000.

If you are planning to put your rental property on the market, speak to your Harcourts property manager first to ensure that your tenants, or prospective tenants are notified as required in the RTA. When selling a rental property, get your property manager involved from the start as they can often negotiate better terms for access with your tenants than a salesperson who doesn’t have an existing relationship with your tenants.

Your Harcourts property manager will also be able to recommend the right salesperson to achieve the best result.