If you are a landlord, you may wonder whether or not you are allowed to sell your property that is tenant occupied. Or, if you currently live in the house, can you sell it and remain in place? The good news is, landlords can typically put any property on the market, or sell it for cash, regardless of if it is tenant or owner occupied. However, because of tenant-landlord laws, you have to be aware that renters do have rights and in some cases, selling occupied properties can be challenging.
Selling Concerns for Occupied Properties
Because of the landlord-tenant laws, there are some situations where it can be tricky to sell a house that is currently occupied by a tenant. For example, there are some areas where the tenant has the right of first refusal when you put the property up for sale. Also, the tenant may even have the first right of refusal when an offer is given on the property. Also, most landlords have to get approval from tenants to show the house they are trying to sell.
Regardless of if you want cash for your house, to handle the sale quickly, or want to sell the old fashioned way, you have to keep your tenant’s rights in mind at all times.
Selling Your Rental Property
If you are absolutely determined to sell the tenant-occupied rental party, you should first think about offering it to the tenant. If they don’t want to purchase it, you can begin looking into other options. While cash for homes buyers typically don’t care about the condition of a home, it is still a good idea to tidy and clean and make repairs before trying to sell.
There are some municipalities and states that allow landlords to terminate a lease with their tenant as long as monetary compensation and adequate notice is given. In situations where a tenant’s lease is unable to be ended, the new owner of the property will inherit the tenant – good or bad – until the lease comes to an end.
When it comes to getting cash for your home, there are more than a few considerations you have to keep in mind. If you are currently living in the property and wish to remain in place as a renter after the sale, this is something you will have to arrange with the company ahead of time. If you have tenants, you need to make sure you don’t break any of the laws protecting their rights. This will help ensure a smooth and seamless sale of your home and help you get the cash you require, quickly.