Q. I have signed an unconditional agreement to buy an industrial property in Penrose.
Sunday, October 26th 2003, 4:20AM
by The Landlord
It is due to settle in just under one month's time. Today I received information from the real estate agent who was involved in the sale that he thinks the tenant of the property is likely to "go under" either before settlement or shortly after settlement occurs.
Obviously, I agreed to buy the property on the basis that it was tenanted as I am planning to use the rent from the tenant to service the mortgage that my bank has agreed to advance to enable me to purchase the property. What are my rights and what should I do?
