When Selling Property With Tenants.
I have a property that i want to sell with tenants already occuping it. Is there anything different that i must do than selling it without tenants. will the new owner be able to change the lease or is he/she bound by the terms until it runs out? thanks
The new owner is bound by exactly what you are bound by...if you're bound for several more months, or years, by your lease, then that's what the new owner gets.
If he's a savvy buyer, he'll want to see your lease before committing to buy it.
no he can not change anything in the terms of the lease unless he goes to the tenants and convince them to sign a new lease. The tenants do not have to but they do have to comply with the terms of thier lease with you as it transfers ownership of the lease to the new owner. The new owner must wait out the lease terms and follow through with the terms himself.
There are some goof balls that believe (on both sides) that the lease is void when the property transfers ownership.
I had some tenants that recently believed this.............I did say believed didn't I
thank you for the input and hopefully some one will buy my house. i just found the real estate section yesterday and have it posted there so hope it will go soon.
Selling tenant occupied property is sometimes not easy. You should do everything you can to get tenant co-operation. Many leases require 24 hour tenant notification before showings, Try to give them some incentive ($) for their help.
I can't tell you how many times I ,as an investor ,have had tenants point out every flaw in the property (I guess)because they don't want to move. Many tenants because of the uncertainty of the new "regime" will start making plans to leave ASAP.
dave i live in atlanta and the house is in port richey florida. it is listed in the tci reality section if you click on florida it is the 8330 duval drive house.
Quote:thank you for the input and hopefully some one will buy my house. i just found the real estate section yesterday and have it posted there so hope it will go soon.paulthebeginer,
I clicked on your profile and I do not see your real estate listing. Perhaps, you did not turn on the "active" listing feature. If you update your user profile to include your city and state, I will at least know if your property is in my back yard.