Can I sell my rental property with tenants in it?
Short answer – yes. Selling rental property with tenants in the Binghamton area is quite common and many landlords are faced with the decision to sell whether they like it or not. It can be a confusing procedure as your decision to sell affects other people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. In this post, we’ll also look at tenants’ rights when selling rental property and how a landlord can show a house while occupied.
Selling rental property with tenants in Binghamton
Understandably, not everyone can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in Binghamton is definitely possible – however, clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:
- Wait until the lease runs out.
- Sell with an active lease
This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.
- Cash-for-keys method
You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.
- Sell to the tenant
In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested and qualified to purchase.
House viewings while renting out the house
Can a landlord show a house while occupied?
Here’s how to handle house viewings while your tenants still live in the property:
- Communicate all dates and times with the tenant
- You must get consent at least 24 hours in advance
- All communication must be done in writing
- You must not take photographs of the property and personal belongings without the tenant’s consent
Please note that your tenant is legally allowed to refuse viewings or visits for an agent if they do not agree with the times of the viewing. To avoid legal issues, you must respect their decisions and act accordingly. A tenant has as many, if not more, rights as the landlord when it comes to selling rental property in New York state.
Tenant’s rights when selling rental property
Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a legal landlord, you should always be clear on all tenant’s rights when selling rental property.
What happens if a tenant is uncooperative?
If the tenant refuses house viewings, you must arrange a time that’s best suitable for them. If they are refusing to communicate, you can apply to the court.
If a tenant refuses to leave the premises, see the cash-to-keys method mentioned earlier or try the eviction process. Your other option is to evict the tenant.
So how do you evict a tenant?
- Give notice.
You are legally obliged to give notice to your tenant.
- Possession order
If the tenant doesn’t move out on the time of your notice, you are allowed to seek possession order at the court.
- Get professional notice servers
When giving an eviction notice, bring a witness with you.
- Take it to court
Consider taking it to court if everything else fails.
TIP: Communication is key. Make sure your tenant receives everything in writing and don’t promise what you can’t deliver. As much as you’d like to sell your house fast, make sure your tenant is happy and agrees to the decision. Selling rental property with tenants in Binghamton can become a headache if not done properly.
Tax Implications When Selling a Rental Property
If you are selling, please be sure you are aware of the tax implications for selling rental property in New York.
Sell Your House to a Local House Buying Company
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The information presented in this article is for educational purposes only and should not be considered legal, financial, or any other type of advice.