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Things to remember when selling your rental property

24 October 2022

Selling a property can be stressful, and there are a few things to remember or be mindful of:

  • You must tell your tenants in writing that you're putting the property for sale.
  • You must seek tenants' permission to conduct appraisals, take photos of the property, to organise convenient times to show the property to prospective buyers.
  • You must notify the tenants who the new owner is once the property is sold and when they'll take over.

Other things to be aware of are, of course, knowing the current tax rules and understanding if the sale is taxable. These will include whether the brightline rules apply and whether you pass the "intention test" (intending to sell for a profit when purchasing the property), amongst others.

We recommend you obtain specific tax advice if you feel unsure about the possible tax implication of the sale.

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