Real Estate is one of the biggest investments a person can own, but when you are ready to sell your property while a renter is living in the home, Owners should be prepared for a few things any realtor should tell owners of rentals.
Number one, the tenants lease is legally binding and cannot be ended early in order for the property to sell. Any new owner must abide by and honor the lease on file, even if they don’t want to.
Next up: Property showings. Tenants in a lease agreement are paying rent for “quiet enjoyment” of the home/property, and therefore should not be bombarded with requests to from realtors to show the home. Tenants can decline to show the home if they are not able to facilitate them. The owner (and realtor) should both be understanding of the tenants schedule and limit viewings to 3 per week.
Rent proceeds: Owners and Realtors should prepare for rent proration to be documented in closing documents when the time come. The current owner (seller) is responsible for making sure these amounts are noted and paid as required. It would be prorated based on the closing day.
Offering tenant lease buyout: Owners always have the option to offer to let the tenants vacate the home early. The terms are up to the owner, but the buyer should be informed of this offer made to the tenant.
Contact our office if you wish to sell your home, currently managed by Barrons and we can answer any questions. 850-934-2588