Selling with tenants
We all have busy lives and it can be hard to stay on top of the challenges that come with being a landlord. Whether it’s finding a new tenant after a vacancy, finding a solution to an eviction or eviction lawsuit or selling the house with tenants, there is more than what meets the eye. With legal contracts in place, selling a house with tenants living in it can be quite daunting. So if you are listing a house with tenants, there are some important things to remember.
Make sure you consider the terms of the rental contract. If the tenant has a monthly contract, you can give them a written notice and wait for their term to end. If the lease is long term, you can intimate them about your intention to sell. Find out if they’re planning to stay on after the sale. If they have no plans to leave, then you’ll need to find another place for them to live. If they do have somewhere to go, you might have to wait until they move out before you can sell your house.
You could try contacting an estate agent who’s experienced in tenant evictions. They can help you evict the tenant and carry out an inspection on the property afterwards, so you’re sure that it’s in a fit state to be sold. If you can’t reach an agreement with your tenants about moving out and you choose to go ahead with the sale, remember that you’ll need to find somewhere for them to live. This will add another layer of complexity to the whole process, but it might be easier for you than for the new owners of your property.
Find out if your tenants are protected by a lease. During the sale of a home, you may be faced with questions about the status of the tenants who are living in the home. Just because you own the home, does not mean that you have any legal claim over the current tenants. If they are protected by a lease then you do not have any control over them. If you buy the house from the seller, it is up to you to either honor their rental agreement or terminate it.
You must get consent from the tenants prior to listing of the house. When attempting to sell a home, it is important to protect your interests by having all of your bases covered. If you do not have consent from the tenants before marketing your home, they can potentially undermine your sale or enter into an agreement with another buyer. So make sure that you are in their good books by maintaining a transparent and cordial relation.
Keep in contact with the tenants even after the sale is completed. The sale of a home is not just something that happens at closing. After the sale is completed, it is paramount to keep in contact with your tenants and address any concerns they may have. You do not want to wait until they hold up your closing and risk being sued for breach of contract.
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