Tenancy agreements are a vital document that outlines the legal and financial obligations between a landlord and their tenant. The agreement is a legally binding contract that both parties must adhere to. Within the tenancy agreement, section 86 is a critical section that outlines a tenant`s responsibilities if the landlord wants to sell the property.
Section 86 of a tenancy agreement contains information on the tenant`s rights when the landlord decides to sell the property during the tenancy period. The clause ensures that the tenant is given adequate notice and time to move out of the property before the sale or transfer.
The notice period stated in section 86 varies depending on the tenancy agreement`s duration and the country`s legal requirements. In some countries, the notice period can be as short as two months, while in others, it can be as long as six months.
Once the landlord informs the tenant of their intention to sell, the tenant must allow access to potential buyers for viewings. The tenant must also ensure that they keep the property in good condition and that there is no damage caused during the viewings.
The tenant may also have the option to purchase the property from the landlord before it goes on the market. If the tenant cannot afford to buy the property, they can negotiate with the landlord for a favourable move-out date or ask for compensation for the inconvenience caused.
It is essential to note that if the tenant does not vacate the property by the agreed-upon date, the landlord has the right to take legal action against them. The tenant may also forfeit their security deposit if they do not comply with section 86 of the tenancy agreement.
In conclusion, section 86 of a tenancy agreement is a significant clause that tenants must pay attention to when signing a tenancy agreement. It is essential to understand your rights and responsibilities as a tenant, especially regarding the landlord`s intention to sell the property. If you have any questions regarding a tenancy agreement, you should seek legal advice before signing the document.