Source: Nu Wire Investor —
Selling a property can sometimes be a challenging task. If you’ve got tenants that are still living inside while you’re trying to make the sale and giving tours of the property, things can get even more difficult. A great level of diplomacy and care is needed as you want to give a solid first impression of the property for potential buyers, but also, the current tenants still need to live in the space and have access to their possessions. You’ll need to make sure your tenants are cared for and protected throughout the process. The following will explore some of the critical steps you can take to make selling a property with tenants inside easier on everyone—you, the tenants, and the potential buyers.
Understand The Rules
You are absolutely allowed to sell a property you own, even if tenants are still living inside of it. The crucial factor in this process, however, is that any standing rental agreements must be honored by the new buyer. This means if your tenants have seven months left on their lease when ownership of the property transfers over, the new owner must allow the tenant to stay for those seven months, paying what they had previously agreed to pay. If there isn’t a lease agreement in place, the tenants will need to agree to leave should the new owner want them to. If they refuse, the new owner will have to go through a traditional eviction process, and the tenants will legally be seen as squatters.