Selling your home in a harsh economy can be tough, but selling your home while having a tenant is another matter entirely. While most listing agents and realtors would prefer their listings vacant, landlords are seldom able to afford having their investment property sit empty for months at a time. But with the right strategy, selling your property while having a tenant doesn’t have to be a total nightmare and may even be pain free. Here are a few things to consider when renting out a property which you intend to sell or are in the process of selling:
• Get it in writing! While Florida law allows landlords to showcase their property for prospective buyers even as they are housing a tenant, it is much wiser to define your plans to sell the property in the terms of your lease agreement.
• Meet your tenant half way. Tenants are most responsive and cooperative when given an incentive, so consider offering your tenant a discount on the rent for the additional inconvenience you require of them.
• Be specific. It is best to be as open and honest as possible with your tenant, making sure to enumerate your expectations, define how often and during which times you will show the home to prospective buyers, as well as outline when and how notice will be given.
• Discuss it with your lawyer. Drafting a document which avidly protects your legal interests can be tricky, consulting an experienced attorney will ensure that your lease terms are precise and that your rights are adequately protected.
Stephen K. Hachey, a Florida real estate attorney can help your wade through this process and determine a positive solution. Contact him at 813-549-0096.
The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.