Probably a stupid question, but, is it possible to sell a house whilst there is a tennant living there on a short term (6 month) lease??
Answers would be gratefully recieved..
Thanks
2006-10-23 21:31:51 · 16 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes you can sell your property with tenacy agreement attach.
Let the deal go smoothly by:
1)Letting the Tenant know that you are selling the Property.(this case may help you to sell your house better,if your buyers need to view the actual property)
2)Let the buyers know that they have to buy with Tenacy.(make known to them, the balance period of lease)
I hope it may help
2006-10-23 22:06:40 · answer #1 · answered by curiousmode 3 · 0⤊ 0⤋
It is possible to sell PROVIDING that the property will be vacant on completion i.e. the tenant has already gone. I once looked at a property which had a tenant in it, and she was about to move out. Don't know if there'll be any additional paperwork though.
You need to consider how long the tenant has and factor whether its short enough for a sale to go through. If there are 6 months to go, then it would be a problem if the buyer is in a chain, as most chains won't wait that long. Also, you could get a first time buyer, or cash buyer, who may be able to move quickly.
2006-10-24 12:10:15 · answer #2 · answered by nemesis 5 · 0⤊ 0⤋
Yes you can sell it. Laws are different in every state, but, generally if you sell your home to someone who wishes to live there, your tenant will have to move out (you can terminate the lease). If an ivenstor buys the house and plans to rent it, they must honor your tenant's lease.
Good Luck!
2006-10-24 07:58:18 · answer #3 · answered by cooperbry 2 · 0⤊ 0⤋
If the property is being bought for rental purposes, then the tenant can carry on staying there if the buyer agrees. However, if someone is buying the house to live there, you need to serve the tenant notice, no-one is going to buy a house with someone already living there!
2006-10-24 04:47:18 · answer #4 · answered by Annie M 6 · 0⤊ 0⤋
You can sell a property with a 'sitting tenant' obviously you have to declare the tenant at the time of selling. Dont think you get paid very much for selling a tenant these day though - I think the value has dropped alot :-) xx
2006-10-24 04:35:43 · answer #5 · answered by starlet108 7 · 0⤊ 0⤋
Yes you can, there called a sitting tennant, although you may find the property harder to sell!
2006-10-24 04:41:46 · answer #6 · answered by tattooedgray 4 · 0⤊ 0⤋
Yes you can sell it. The new owner has to abide by the lease. You need to check the laws in your state though could be different in NY
2006-10-24 04:33:15 · answer #7 · answered by 7yrs2go 2 · 0⤊ 0⤋
Yes, you just have to put the fact that there is tenant in the advert for the property. It may well appeal to a buy-to-let investor.
2006-10-24 04:34:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes you can...My sisters landlady just did that.
She offered my sister first go at buying the house...but my sister refused as the woman was nasty and didn't tell her she was selling...she only found out when the boards went up.
I hope you are nicer to your tenant that this woman was.
2006-10-24 04:41:14 · answer #9 · answered by audrey_o 5 · 0⤊ 0⤋
yes it is, but it is not very attractive to a buyer as the person in there has more rights over their property than they do.You cant just turf them out, and if thye become a liability, whos fault is it,
I wouldnt touch it with barge pole
2006-10-24 04:35:40 · answer #10 · answered by Anonymous · 0⤊ 0⤋