IF YOU WANT TO SELL A RENTAL PROPERTY THAT HAS TENANTS IN IT, THEN THERE ARE A NUMBER OF THINGS YOU NEED TO KEEP IN MIND SO THAT YOU CAN AVOID ANY LEGAL PROBLEMS. WHILE IT IS LEGAL TO SELL AN OCCUPIED RENTAL PROPERTY, YOU NEED TO EXERCISE CAUTION WHEN DOING SO TO AVOID ANY PROBLEMS. After all, you definitely don’t want to have to deal with any legal challenges when you are trying to sell a property with tenants. You should also be considerate in regards to your tenant’s situation and realize that asking them to move out could be a hardship for them. If you treat them with respect then you are going to be much less likely to encounter resistance when you inform them that you are planning to sell the home and that they will have to move out. So how do you sell an occupied rental property? That is going to depend upon the type of lease that they have with you.
Selling A Rental Property When Your Tenants Have A Month To Month Lease
If your tenant is on a month to month lease then selling the property will actually be a fairly straightforward process in most cases. This type of lease is known as a no cause termination lease. All you need to do in this case is to provide your tenants notice in writing at least 30 days before the day that you expect them to move out. You need to clearly state in writing the day that you want them and all of their possessions out by and that you expect to have the property’s keys returned to you on or before that day. Hopefully, you are on good terms with your tenant and won’t have any problems. If however, you do it’s important that you start the eviction process right away so that you don’t have to allow them to stay in the property, and thus prevent you from selling it, for any longer than necessary.
Selling A Rental Property When Your Tenant Has A Fixed-Term Lease
The easiest course of action to take when you want to sell property occupied by tenants that have a fixed-term lease is to simply wait until the lease has ended and they have moved out. You can’t just go up to someone that has signed a rental agreement with you in good faith and tell them they have to leave. Now, if they have violated any terms of the lease then you can start eviction proceedings if they won’t leave. But if they haven’t violated their lease you do still have a few options.First, you can sell the property to a new owner so long as the new owner accepts that there are tenants present and that the new owner will honor the terms of the lease. This will have no negative impact on the tenants, so there shouldn’t be any issue with taking this approach. If this approach doesn’t work for you then you also have the option of offering financial compensation to your tenant if they agree to allow you to break the lease. This option may cost you money, but if you are really eager to sell the property it is the option that is least likely to end up causing you headaches. No matter why you want to sell your house fast Rise Real Estate Group can help. We specialize in buying homes for cash in “AS-IS” condition. Once you contact us, a member of our team can help you with everything from start to finish, making the sale as easy as possible for you. Don’t worry, you won’t be pressured or rushed and you can sell on your own timeline at your convenience. Once we agree to buy your house you can take a breath and rest easy. Contact us today and finally experience what it’s like to Sell Happy :-). We look forward to working with you!