Taking over management of rental

Eddie asks:
(updated on Monday, February 17th 2020)

I currently have a property manager managing my rental and I'd like to manage it myself in the future. What should my property manager hand over if I take over? Can you please list them? And what happens with the existing Tenancy Agreement: will it be handed over to me to uphold or I can change what's in there?

 

Our Experts Answer:

Your management agreement will probably define the circumstances under which you can terminate the management agreement. Assuming that you are able to terminate the agreement, your property manager will need to hand over to you their copy of the tenancy agreement, a Change of Landlord form (specifying that you are now the landlord in respect of the bond), a full rent statement, and keys to the property. Current contact details for the tenant are also essential.

This process should be in two parts: firstly, the existing property manager notifies the tenant of the impending change and that they should expect a call from you, and secondly you call the tenant to introduce yourself and then arrange for them to pay their future rents to your nominated account. The existing tenancy agreement continues and is not affected by a change of property manager. You cannot change the tenancy agreement without the consent of the tenant.

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