Do you want to sell your property but having doubts because there are other people living? In this post, you will learn ways to sell your property with your tenants in Lancaster County.
You might be considering selling your property now even though you have tenants in it. There are some cases when you will be able to inform your tenants about it and there wouldn’t be any issues at all. However, you may re-evaluate your decision since you don’t want to lose your occupants and be stuck with an empty house while your property is still in the market. Below, we provide the essential factors that you may consider when you decide to sell your property without violating the rights of your tenants in Lancaster County.
Identifying Your Lease Agreement
Determining your lease status is one of the crucial factors to consider when selling your house with tenants. There are two common types of leasing status. The first one is the monthly lease agreement that lasts for a month and involves automatic renewal. In this kind of lease, you will need to allot 30-60 days to inform your tenants about your decision. Another common lease agreement is called as fixed-term lease that involves the duration of stay in the property and renewal of the agreement when both parties have agreed. Most leases under this category last for about one year up to two years depending on the agreed arrangements. This can be quite complicated especially if you’re going to sell your property during the mid-lease. It’s either you will give your tenants incentives to move out or sell your property to a real estate investor who is willing to take over the property and honor your lease agreement. Depending on the agreed lease, you must also keep in mind that tenants have the rights to be protected from the unlawful landlords.
Having Difficult Tenants
If you come across with difficult tenants or those who violated their leases, evicting them wouldn’t be an issue. With this, the eviction process can be tedious and arduous if you have tenants who are difficult to handle. Generally, landlords would try to escape dealing with eviction process hence, they resolve it by selling the house directly. By doing so, the eviction process can be avoided and be able to move on from the house with cash in hand. Direct buyers will usually take the lease agreement within their control and deal with the difficult tenants who are violating the lease. They are much willing to go through the process of eviction if necessary.