Profile picture for user6777171

How do i go about selling my home that is being rented out right now?

I have been renting out my home for the past year but have decided i want to put it on the market. How should i go about informing the tenants of our desicion are there any rules on how much time they have to have before putting it on the market? The contract is over in two and a half weeks. Do we need to have them sign another contract and is so what kind of contract? would that contract need to include the selling while renting situation? Where could i find such a contract to download? Is there anything I should know about attempting this?
  • November 12 2012 - Mountain Home
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Answers (2)

Profile picture for wetdawgs
You need to know your landlord/tenant laws for your state.  Usually you can find them with a quick internet search.

In my state, if the landlord hasn't renewed the lease within a time specified in the state laws, then it goes to a month to month rental.  

Tenants don't tend to want to live in property that is for sale, because it is inconvenient and disrupts their daily life.    Therefore, if you wish to keep this tenant make it worth their while.   Some possibilities would be that you give them a rent break while it is on the market, or  a financial reward for each showing.   If they don't keep the house in show ready condition, you could hire a house cleaner for them.  There are many options to be both successful for selling and keeping the tenant happy.
  • November 12 2012
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You need to get legal advice from someone who knows tenant laws in your area. Usually you would want some kind of clause in a new lease that states what the process will be should the property sell during the lease term. (ie. what kind of time notice to vacate, etc.) In some states, tenants rights remain intact even if the property changes ownership, so the buyer may find themselves as the new landlords, so if you don't have a good lease written that could scare away potential buyers (unless they are buying it to become landlords and then a good tenant is a bonus.) Some people consider changing a year lease to a month-to-month when the house is placed on the market. The options vary wildly, so contact an experienced real estate agent or attorney in your area to make sure you don't lock yourself into a contract because you didn't know the law.
  • November 12 2012
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