I have tenants living at my condo, who are still on lease till august 2009, i would like to sell my condo at the earliest, can the new buyers terminate the lease? Can i terminate the lease now, on grounds of me selling it?? If not, can anyone suggest any options please???? I NEED HELP TO GET RID OFTHIS PLACE...
2007-05-04 18:34:07 · 5 answers · asked by crispy_corn 2 in Business & Finance ➔ Renting & Real Estate
I know it is pretty hard to find buyers who are ready to invest in a condo and take over a lease...but i have reduced the price to below 15,000 the market value... are there any other options ?? how can i evict tenatns? on what grounds??
2007-05-04 18:39:45 · update #1
Read your own lease. Do you have a clause about selling? You could sell the property, but the buyer would have to honor the lease. So you would have to sell to an investor. That limits your buyer pool.
Lease through 2009, maybe the tenants will buy the place.
2007-05-04 19:21:41 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
Personally, I would leave the tenants in as you have certainly done the hard work for prospective investment-buyers if long-term tenants are already in place.
If you think you will get more money by selling it empty, or are having trouble selling it with tenants in it, you will have to speak to your agency who are looking after the lease about it.
I am a renter, and my partner and I have just been asked to move out of our townhouse because the owner wants to move back in. We were given 60 days to vacate and under our lease those are the conditions (that the owner can terminate our lease with a reason by giving 60 days notice.)
But, I'm in Australia, so your laws may be different though I doubt they'd be much different than ours. You need to re-read the lease agreement you made with the tenants - you should have a copy.
2007-05-05 01:54:03 · answer #2 · answered by Amber 3 · 0⤊ 0⤋
I would think buyers would like this idea- if the condo is for the buyer then they have purchased the lease rights and have the option of honoring the lease or terminating the lease. If the buyer is purchasing the condo for a rental property you have already done a great deal of work for them by finding tenants.
But this is all from my limited knowledge.
2007-05-05 01:42:40 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Being a tenant myself, your search for reasons to evict is ridiculous and if you use a ridiculous reason don't be surprised if they take you to small claims. However, go to tenant landlord laws vary state to state. Your best shot is to go to your states website and search on there.
2007-05-05 01:55:28 · answer #4 · answered by Accent International Traders 2 · 0⤊ 0⤋
I'M PRETTY SURE YOU CAN SELL IF EVERYTHING STAYS THE SAME WITH YOUR TENANTS, LIKE THE THINGS THAT ARE INCLUSIVE, AND RENT. OR YOU CAN EVICT THEM FOR SOME REASON.
2007-05-05 01:37:32 · answer #5 · answered by mercer2369 1 · 0⤊ 0⤋