You have a home, it already has tenants but you want to sell it. Where would you possibly start from? Is it possible for you to sell the house while it is still occupied or should the tenants first move out before you can sell the property? There are tenants who can play a very crucial role in making sure the property is sold successfully. Yet, there are those who would make the Toronto condos selling process very for you. So how do you go about it? Here are six tips for selling a home with tenants.
1. Inform your tenants of your intentions
It so happens that even if you have tenants on your property who signed a lease agreement, it does not restrain you from selling the property. Technically, the tenants are entitled to remain as occupants of the property until the lease agreement is over. Some however will start looking for a new residence because of the uncertainty of the future with a new owner as their landlord. The proper thing to do would be to communicate properly with the current tenants about everything involved.
2. Wait for the lease period to end
It is very possible that your property could remain empty and stay without another occupant or buyer for weeks or even worse for months after the tenant has moved out. If you intend to sell your house yet it already has a tenant who signed a lease agreement, the proper thing to do would be to wait for the lease to end before the tenant leaves.
3. How to deal with cooperative tenants
This should be easy. If the tenants happen to be cooperative, kindly ensure that you have their best interests at heart. The best thing you can do is go through the process with them. Let them know what the process would entail and ensure that their privacy is respected. If possible, reward them for their cooperation.
4. Familiarize yourself with tenancy rights
It would be a very big mistake for you to try to sell a house that is already occupied by tenants without understanding the laws about tenancy and the rights that they have. These are different from state to state.
5. Employ the services of a real estate agent
It is important that you hire a real estate agent when you are trying to sell a house. It is even more important that you hire one who understands what it would involve to sell a house that is already occupied.
6. Give your tenants assurance
Being homeless is a very big fear. This is a fear that most tenants have because of the understanding that they would have to leave immediately the house is sold. It is your responsibility to assure them that they have sufficient time from when they are given the notice.