Are you looking to sell your house currently occupied by tenants? You need to be particularly mindful of the rights tenants enjoy as part of their lease agreement. State and local laws around selling a house occupied by tenants also require your consideration, and so do your rights as a seller. Make sure you do not land in any trouble by following these tips when selling a house when you have tenants.
Waiting for lease expiration
You have the option to wait for the lease to expire prior to putting the house up for sale. This can be ideal for people who sign a monthly lease agreement. This offers more flexibility than if you were in an annual lease situation. Not only does this offer time for updating the house but also eliminates any timing issues with deal closure.
Striking an agreement with the tenant
Tenants are only permitted to occupy the house until their lease agreement expires. They can be urged to leave sooner in case of a breach of agreement terms, which includes failure to pay rent on time and damaging the property. You may offer tenants incentives to leave sooner if the lease does not contain a clause for early termination. You may offer them some cash to vacate the house within a specified timeframe or afford their moving costs.
Letting tenants buy the house
Tenants can be the ideal buyers if they happen to be in a good financial position and maintain good terms with you. This eliminates a number of selling and buying processes as well as costs associated with the sale. While sellers no longer have to list or stage the property, buyers do not have to be bothered about moving costs or spending time and costs on checking other properties.
Selling a house when you have tenants does not have to be a complicated process so long as you are aware of all your options and mindful of laws and rights. If striking a sale agreement with the tenant is an option, go for it by all means. You can get in touch with me for any assistance or advice about buying or selling a home in Greater Boston. Feel free to call me or send me an email or get in touch on Facebook.
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