As a landlord, you may feel a burden of responsibility for the well-being of your tenants. If you want to sell your home, you probably worry about their rights. You may wonder whether you can sell it while it is occupied. This guide will talk you through the process and help you make the right decision.
The Law on Selling Your Occupied Property
As with any property law, the same regulations vary state by state. It’s perfectly legal to sell a home with tenants living there. You’re the property owner, and you have the right to sell it if you wish. However, there may be some rules to follow.
You may be required to inform your tenants and let them know your plans. There may also be some special paperwork to ensure your tenants’ rights are protected. This usually involves explaining the reason for putting your property on the market just to check that you’re not hiding anything from its residents or potential buyers.
Inform Your Tenants
Although it may not be a legal requirement, it’s strongly recommended that you inform your tenants of the sale. Of course, they want to have close contact with the property owner that they are renting. Therefore, you need to explain that you’ll be handing over responsibility for the home and giving them the new landlord’s contact details.
Some tenants may want to move out at this stage. This is legitimate, and you should offer them a route out of the property within the contract terms. Open communication always helps the process.
Find a Legitimate Local Buyer
Naturally, it’s important to make sure that prospective buyers know that they’re buying a property rented out to tenants. Most house hunters are looking for a place where they can live themselves, but this isn’t the kind of buyer you need. Therefore, it can help find a legitimate buyer interested in renting it out.
The best way to ensure this is by looking locally. For instance, if you’re from Memphis, find a service that allows you to sell a house with tenants in Memphis. In addition, there are many companies out there that specifically deal with homes that contain sitting tenants. These are your best bet for ensuring that you’re able to strike a deal and sell your home.
There’s no doubt that you love your home and want the best for the people that live there. However, if you’re ready to sell up, then it’s important to research the local law and make sure that you go about it in the right way. Be open with tenants and work with specialized services to make the process as smooth as possible.