HOW TO SELL A PROPERTY OCCUPIED BY TENANTS?

At some point, property owners for rent may have a reason to want to sell, whether it's to receive an attractive offer for the property or to want to shift 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 landlords have their rights, tenants do as well.

Fortunately, there are legal ways to sell a rented property:

If the lease agreement is for a short period. If the tenant is under a contract that renews, for example, month to month, they can be asked to vacate the property, notifying them 60 days before the next renewal (The time to notify varies from state to state). One can wait until the tenants vacate the property, or one 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 will be shown on the specified date and time.

If the lease agreement is for a year. The tenant has the right to occupy the property until the expiration of the term agreed in the contract. In the case of one-year lease agreements, the tenant can only be asked to vacate if there is an early termination clause in the contract. Similarly, following the legally established procedure, one can request the tenant to vacate the home if they have violated the contract in part or in full.

Sell the property to an investor. It is possible to sell the property, occupied by a tenant, to an investor. Many investors are interested in generating income through rental properties, and it's great news for them to know that the property is already rented.

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. If they are not interested in buying it, they are asked to vacate the home by the date indicated in the proper notification.  In cases where the tenant is willing to purchase the property, some owners assist them in the purchase process through financial arrangements with them.

 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. They may also be offered to cover the moving costs to another property.