Found 325 relevant pages. The strongest matches explain what “tenant in situ property contract western australia” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• Delayed Possession: You might not be able to move into your new home on settlement day, as the existing tenant has legal rights to occupy the property until their lease expires or is lawfully terminated. This can force you to pay for temporary accommodation or storage, a significant buyer's risk.
• Unexpected Eviction Costs: If you wish to occupy the property, you may need to issue a notice to vacate, subject to the terms of the existing lease and Western Australia's Residential Tenancies Act 1987. Premature termination can lead to compensation claims by the tenant or a lengthy court process if the tenant disputes the notice.
• Inherited Lease Obligations: Under the REIWA Contract, you inherit all terms of the existing tenancy agreement. This includes obligations to maintain the property, manage bond funds, and adhere to rental increases as specified in the lease, potentially limiting your flexibility and immediate plans for the property.
• Property Condition Surprises: While a property inspection is standard, a Tenant in Situ can sometimes make it harder to thoroughly assess the property's condition for hidden damage or maintenance issues that may become your responsibility after settlement.
• Financial Discrepancies: Ensure the seller provides accurate records of rent payments, bond held, and any outstanding arrears. Discrepancies can lead to you inheriting unpaid rent or being liable for bond claims that pre-date your ownership, impacting your cash flow in a Western Australia property contract.
• Limited Renovation Plans: If you plan renovations, the existing tenancy will significantly delay your ability to start work. You cannot commence major works while the tenant resides there, potentially costing you time and increasing overall project expenses.