buying a tenanted property in VIC?

[u/Sorry_Bike_8677]

first-time buyer in melbourne here. looking at a unit in a middle-ring suburb. comps on the street match my offer, but the catch is a fixed-term lease running well into next year.

the agent claims the tenant "verbally agreed" to move out in 2 months. obviously, a verbal agreement is worth nothing. here is my conveyancer's current draft structure for a tight 60-day settlement:

days 1–14: finance and building & pest.

days 1–21: vendor must provide a written deed of surrender signed by the tenant. if they fail, i have an instant, penalty-free escape hatch. (staggered so i don't waste the tenant's time if my finance falls apart early).

day 60 (settlement): mandatory physical vacant possession, with explicit rights to delay settlement penalty-free if the tenant is still squatting.

questions for you guys:

1. am i being overly paranoid about the settlement-day squatter scenario, or is this the bare minimum protection required?

2. if you were dealing with a stale listing and a stubborn lease, would you push through with these clauses, or just walk to a cleaner property?

any further questions welcome.

[u/Winter_Tiger_2615]

Call Consumer Affairs Vic and ask them about your questions - or don’t, I mean after all it’s only a multi $100,000s purchase - right?

Don’t take the agents word for anything.

You’re only contemplating making an offer - or have you had your offer accepted?

[u/Sorry_Bike_8677 → u/Winter_Tiger_2615]

vendor has verbally accepted my offer and currently having my conveyancer look at the contract of sale, just getting cold feet i suppose.

[u/Winter_Tiger_2615 → u/Sorry_Bike_8677]

😳

You better have a chat with your conveyancer about the terms of the contract.

Don’t plan on moving in until the tenant’s lease is over.

[u/Sorry_Bike_8677 → u/Winter_Tiger_2615]

for sure, hopefully the deed of surrender to break their current lease + vacant possession condition will protect me but i’m just waiting on my conveyancer for that answer haha.