What Landlords Need To Know Before They Sell A Tenanted Property

By: Joshua Campbell

What Landlords Need To Know Before They Sell A Tenanted Property

Tags: Real Estate, renting, buying, selling, real estate tips, residential, rent, Ontario, tenant, moving, newmarket real estate agent, toronto real estate agent, investment properties

If you are a real estate investor who is ready to liquidate an investment or buy something bigger and better there are three things you need to know before you sell. Your first step is to find a real estate agent who you trust. Maybe it’s the person you worked with to buy the property in the first place. Either way, an agent will help you substantially with the following 3 things. 
#1. Give Notice To Renters 
Selling a rental property with tenants adds a new level of difficultly. Legally you are not allowed to terminate your tenants' lease in order to sell a property quickly. You must wait until the end of their year-long lease. You should also give your tenants plenty of notice so they can get their belongings in order. If the property has sold you must give your tenants 60 days’ notice from the first of the month that their tenancy is ending. After every yearlong lease, their lease moves to a month-to-month. The 60 days will allow them an extra month to move out. 
#2. Stage the Property 
Staging your property is very important when it comes time to sell. For this reason, it is so important to give your tenants notice of your intention to sell. You will need their help to ensure the property is clean and staged correctly. When staging a tenanted property, you will need to use most of the tenants' personal belongings. You might be able to add a few decorations and furniture, but it will be the tenants' responsibility to take care of it. 
#3. Know The Tenants’ Rights 
If you will be showing the property you will need to work closely with your tenants and real estate agent to arrange showings around their schedules. In order to make the transition easier for your tenants and to ensure their support, you may want to offer them a free bonus months’ rent. This shows a sign of your solidarity. But as a landlord, you need to know your tenants’ rights when you want to sell a property. Work closely with a landlord & tenant lawyer to ensure you remain within your rights at all times. 
For any more assistance selling your tenanted property and remaining up to date with your rights as a landlord, please get in touch with us. We will happily put you in touch with a lawyer. 
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
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