Life happens, things change, maybe even the unthinkable happens and an owner or their family may need to sell their rental property. Listing a renter occupied home for sale can be difficult for the realtor, the owner, and the renter. Part of the reason we do not facilitate leases longer than 12 months in the restrictions placed on owners should this situation come up.
The renter has paid for “quiet enjoyment” of the home and is entitled to this, regardless of the owners decision to sell the home. We would also recommend offering the tenants first choice to buy the home.
Any viewings must be scheduled with the tenants, at their convenience and no more than 3 per week. An owner / realtor cannot make the tenant show the home more than this in 1 week.
Depending on the time line, it may occur where a tenants lease is still in effect, while the home is under contract. It is the owners responsibility to make sure the rent funds paid each month are noted in the closing documents. Also, any new owner must honor and abide by the lease on file. The tenant cannot be forced to depart the home early/before end the lease. This does not mean an arrangement or agreement cant be made.
Many times, a current owner will agree to allow the tenant out of the lease early without penalty, should they find alternative housing. If the property is under contract at the time this agreement is made, the buyer should be told and informed of this. If an agreement is made with the tenant whether by current owner (seller) or the buyer, all parties should have the same information. Buyers / buyers agent should not be in communication with the tenant at all. BarronsPM office should be the go between in this case.
Our company does not list or sell any properties, so should an owner need a realtor recommendation, we are happy to provide some names for the owner to contact directly. They have their specialty and we assure you will be most satisfied with them as you are with BarronsPM.
Contact our office for more info 850-934-2588.