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How to Sell Your House with Tenants

At times, residential house owners face the need to sell their houses via alkoinvestment.com. But after the decision was made, a new question arises, which is to study the rights of the tenant and the owner. In this case, you have to seek outside help.

Selling property with permanent residents is a complex and time-consuming process. Before putting a property on the market, it is necessary to study the existing rules. Particular attention should be paid to the legal relationship between the tenant and the landlord.


What does preparation for the sale start with?

When it comes to selling a residential building, you need to consult with a lawyer. This is the only way to get answers to your questions and gain confidence in your actions. Selling real estate with tenants is a complex and time-consuming process that can never be completed without professional consultants.

Legal assistance will allow you to clarify the action plan in relation to tenants who have signed a lease. To conclude an agreement that will satisfy both parties, you will need to:

  1. Offer a buyout option. Despite the fact that tenants are not always able to buy a rental property, it is worth giving them such an opportunity. Politeness opens any doors, so show it to your tenants.
  2. Explain your intentions. Be honest with tenants you probably know for months. Give them your reasons for the sale, if they aren’t too personal, and try to convince them of your empathy.
  3. Consider all options. Most likely, the new landlord will become the buyer of the property. They will probably be interested in extending the lease after the purchase. Your tenants won’t need to look for a new place, and you won’t have to evict them.

It is also worth remembering that you must notify the tenants of the sale in advance and in writing. This rule is mandatory, so you won’t be able to keep silent. If you intend to get help, you will need to use the services of not only a lawyer but also a realtor.

Real estate sale by agent

The main difficulty of a sale deal is finding buyers. Realtors will help you cope with this task. In this case, such cooperation will greatly facilitate your life, and the result will not be long in coming.

Professional help will help you achieve several goals. First of all, remember that a real estate agent will be able to determine the correct price of your property and offer a purchase on a tight schedule. If the offer doesn’t appeal to you, working with a realtor has other trump cards.

Keeping in touch with customers is tricky. Selling a house will require an open house. In such situations, cooperation with the agency allows you to:

  • agree on a schedule for visiting the house with both buyers and tenants;
  • fill out the necessary documents within the timeframe specified by law (for example, an open house notice must be sent 24 hours before it);
  • discuss offers taking into account the existing shortcomings (no repair).

Landlords often forget about some additional obligations. This refers to the transfer of the tenants’ deposit to the account of a new home owner. As the rightful owner, you can include the amount in the offered price or discuss this matter with the buyer directly.

After the deal is closed, your lease contract will be canceled because you no longer own the house. You will need to make the corresponding changes and replace your name with that of the new homeowner. This should be done as early as possible to protect the interests of the tenants.

The buyer has the right to continue to cooperate with your tenants. The terms of the contract remain unchanged, so residents don’t risk losing their living space. Consider the term of the current contract and decide on the sale before signing a new lease.


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