At some point the owners of rental properties may have a reason for wanting to sell them, from receiving an attractive offer for the property to wanting to orient themselves towards other types of investments. While it is true that it is legally possible to sell a rented home, it is also true that just as owner-landlords have their rights, so do tenants.

Fortunately there are legal ways to sell a rental property:

1. IF THE LEASE IS FOR A SHORT TERM.

If the tenant is under a lease that is renewed, for example, month-to-month, the tenant may be asked to vacate the property with 30 or 60 days notice before the next renewal (The time to notify varies from state to state.) You can wait until the tenants vacate the property or you can choose to show the property to potential buyers. In this case, the tenant must be notified, at least 24 or 48 hours in advance, that the property is going to be shown on the date and time indicated.

2. IF THE LEASE IS FOR ONE YEAR.

The tenant has the right to inhabit the property until the expiration of the term agreed in the contract. In the case of one-year leases, the tenant can be asked to vacate only if there is an early termination clause in the lease. Likewise, following the legally established procedure, the tenant can be asked to evict the house in the event that he has violated the contract in one or all of its parts.

3. SELL THE PROPERTY TO AN INVESTOR.

Tenant-occupied property may be sold to an investor. Many of the investors are interested in generating income through rental properties and it is great news for them to know that the property is already rented.

4. SELL IT TO THE TENANT.

There are owners who, as a first step, once they have decided to sell the property, offer it to the tenant. In case they are not interested in buying it, they are asked to vacate the house on the date indicated in the due notice. In cases where the tenant is willing to buy the property, some owners help them in the purchase process through financial arrangements with them.

5. PAY INCENTIVES TO TENANTS TO VACATE THE PROPERTY.

If the tenant does not want to leave the property and shows no interest in buying it, they may be offered some money in exchange for vacating the property. You may also be offered to pay for moving costs to another property.

If you like this information and are interested in buying or selling a property in the United States, let’s talk, I have available options that suit your profile