How to Sell a Rental Property With Tenants
Selling a rental property can be necessary for several different reasons. Whatever your reasons are, the process can be more complicated if the property still has tenants living in it. If this is the case, you will need to do some research before you act.
- Retain the services of a real estate lawyer. Although this is not necessary, it is highly recommended. Because of the complications of the lease agreement and local laws, you will need the help of someone who is savvy in this area. If you unlawfully evict a tenant because you want to sell the property, you could find yourself in a difficult situation. Have the attorney analyze all of the applicable paperwork and give you an assessment of what should be done.
- Give your tenants notice that they will not be able to rent the property any more. Unless otherwise stated in the lease, you will not be able to do this until the rental agreement expires. There may be exceptions to this, which is why a competent lawyer should analyze the lease agreement. If the tenants are not upholding their end of the lease, then you can explore the possibility of having them evicted.
- Call a real estate agent in your area and place the house on the market. Because the house has had renters for a period of time, you may find it best to do a bit of refurbishing and cleaning to the house before allowing potential buyers to view the home.