Many landlords may want to sell off their properties for various reasons, sometimes when there are tenants still occupying the house. While it is well within the rights of the landlord to sell properties whenever they want to, it may also carry with it, it’s own set of complications. Here are a few tips on how to sell properties that are under occupation.
The Landlord- Tenant laws are quite thorough on the rights and responsibilities of both parties, making things a bit confusing. The law in some cases says that the tenant has the ‘right of first refusal’ if the landlord puts up the property for sale. When it comes to showings, the tenant must approve it before prospective buyers come in to their homes. Next, there is the issue of ‘Quite Enjoyment’, this clause gives the current occupants a certain amount of influence over your decision to sell properties. Under this clause, every landlord must notify and get the permission of the tenants before entering the premises.
If you have decided to sell a property that already has a tenant, offer the house for sale to them first. If they do not wish to purchase it, you can then make a clear showing around schedule. As an incentive, you can offer discounts in rent if they agree to keep the place ‘show ready’ at all times.
Your main motive should be to have your tenants on board with your decision to sell. It may involve you going out of the way to keep them happy and you can do that by offering to ease their transition out of the house. Some landlords have even offered to pay for their moving or even given bonuses on their security deposits when they want to sell properties.