Can I sell my rental home in Florida while my tenants still occupy the space?.?

Question

We have a written lease for 12 months but I just can't afford to keep it up.

Answer 1

Yes, you can, but you'd have to sell it with the tenants in the property, which may restrict your pool of potential buyers and result in a lower sale price.

Answer 2

You can definitely sell the property with the tenants at any time. If the buyer is an investor then that is a good thing. If he/she wants to live in the home, then you/they have to notify the tenants that they must move. Most states require that you give 30-60 days notice for them to move out. If the new owner wants to buy the house and raise the rent, they'll likely have to wait till the lease expires or ask the current tenants to leave (again with the minimum required amount of notice).

Answer 3

Nothing changes in your living situation. Because you are month to month your landlord must give you proper written notice if they want you out. (30 days in most places; 60 days in California under certain conditions.) If/when the property gets sold, you have a new landlord who must follow the same rules. If your existing landlord does not give notice to you then the new owner would need to give you proper notice for you to leave. Your landlord must give you 24 hour notice of their intent to show. You have not 'rights' as to your landlord notifying you of the sale. You can definitely approach the landlord and tell him you're interested in purchasing it, but they're still free to sell it to whichever party they feel like. In some cases, the landlord may keep the sale a secret for fear that the tenant may move out ASAP leaving him with no income while the home is for sale. ---edit--- Yes, courtesy is another issue. 6 years is a long time. You still have the option to purchase though. It's also possible your landlord is being forced to sell for some reason and didn't want to face anyone regarding the reasons.

Answer 4

You would be obligated to the lease ! That is what it is for , both parties have to agree, or you will end up in court which would cost you more money and time ! By then the year would be up anyway ! You COULD ask the tenants if they want to buy it first. Or if they are really nice maybe you can explain your situation,and maybe they will let you out of your lease ! Good Luck !

Answer 5

People sell rental properties all the time with tenants currently leasing. This can be a plus to an investor as they don't need to seek out a renter. That is as long as you are renting it out at good rate.

Answer 6

You can sell it but the new buyer must obey they 12 month lease contract. Your pretty screwed, the renter has all the rights. If your tenant left the lease early he would pay right? A contract is a contract. Not a piece of paper that you can use to benefit youself and screw everyone else.

Answer 7

Yes, Contrary to what most people think, when you sell or buy real estate, legally you are not buying the the wood & the bricks etc and the ground under it. What you are buying are the "rights" to the things that happen to be there.

Its a difficult concept but when you lease out your property, you retain the rights of ownership, to do what you please. This interest, what you keep is called the "leased fee" interest.

The tenaant also has rights, the right of "occupancy" which he buys from you with that monthly rent. His rights, the ones you temporarily sold are called "Leasehold".

That is the long answer......

the short answer is ----Yes

Answer 8

yes. the new owner could start eviction proceedings if he desires but the tenants lease will most likely convey to the new owner.

Answer 9

sure you can sell it, but it would be nice to let the prospective owner know that it is currently under lease.

Answer 10

30 days notice by law is all you have to give them