When the property is sold
When the property’s sold, the landlord must tell the tenant who the new owner is and when they’ll take over. The landlord should also provide the new owner with a copy of the tenancy agreement.
Once a new owner takes possession of the property, they must tell the tenant:
their name
their contact details and an address for service
how the tenant is to pay the rent (for example, the new bank account number).
When the property’s sold, the original landlord’s interest in the bond will pass to the new landlord. This means that the original landlord can no longer claim any bond, unless they do so before the date of settlement (or date of possession, if this is earlier). However, it is recommended that independent advice is sought to ensure any claim to the bond will not impact on the sale agreement.
If the bond is held by the Ministry of Business, Innovation & Employment, both the original and new landlords must fill in a change of landlord/agent form.