Despite the apprehension that many people have about selling a rental property with tenants in it, there are steps you can take to ensure your sale does not cause legal problems. You need to consult an attorney before proceeding if this is your first time doing so and make sure all of the necessary documentation has been completed correctly.
Treating your tenants with respect is the best way to ensure that you won’t have any legal challenges when trying to sell a property. If they know you will be selling the rental property in advance, then it will be easier for them emotionally and financially because they can plan ahead by moving sooner rather than later or finding another place as soon as possible. The type of lease agreement between tenant and landlord determines how difficult selling an occupied rental home would be; however if people are informed about this beforehand there should not be much resistance from either side – just cooperation!
Your goal here isn’t only financial gain but also emotional satisfaction knowing you treated everyone fairly- so make sure all parties understand what’s happening.
Selling a Rental Property with a Month-to-Month Lease
You can quickly and easily terminate the residency of your tenant if they are on a month-to-month lease. All you have to do is provide them with written notice at least 30 days in advance, but preferably more like 60 days or even 90 for long term tenants who may need time to find new accommodations.
There are a lot of issues that can come about when it comes to selling a rental property with a tenant currently in place. It is important to write down in writing the day you want them out and if they do not comply, be sure to start eviction immediately so as not to have any further conflict over their tenancy.
Selling a Rental Property with a Fixed-Term Lease
Evicting a tenant is not easy, but the easiest way to start the process of removal is simply waiting for their lease term to expire. If they have violated any terms written in your contract with them then you may move forward with eviction proceedings if they refuse to leave when expected. The safest course of action will be outlined by law and should help avoid further legal issues or conflict between yourself and the renter’s association that manages properties like yours within your area code region.
Without any violations, selling the rental property to a new owner that will upkeep the lease would be the best course of action. This won’t have any long-term negative effects on you, the buyer, or the tenants, so this is a good option if you have a buyer that wants to be a landlord. Those kinds of buyers can be hard to come by though, so another option would be to purchase the tenants out of their lease. It will cost some out of your pocket, but if you really need to sell, buying them out might be the best option.
SellThatFloridaHouse is the place to go if you need a quick home sale. Our team will help with everything from start to finish! We offer “AS-IS” condition buyouts and can even walk you through the process of selling your house, no matter what city or area it’s in. Don’t worry about being pressured into making any decisions too quickly; we’ll work at your pace while still helping out as much as possible along the way. Give us a call today for more information on how SellThatFloridaHouse helps people get rid of their homes fast every single day!