If I want to sell my rental property, can I put an exception the rental lease?
We own a rental property and are starting a new lease with new tenants.
Obviously as owners we would like a one – two year lease.
But we also are looking into purchasing a home and would like the option to sell our rental property (in order to pay down our new mortgage). Is there an exception clause we could put into the lease that would allow us to sell it (without the new owners accepting the lease)? Is that legal or are we trying to do something illegal?
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Tags: New Lease, New Mortgage, Rental Property
lease property | , 10 Jun 10
By bull_rooster_aardvark, June 11, 2010 @ 9:00 pm
You can do this but you’d better explain it to the tenants carefully when you sign the lease. Even if it is in there they will get really mad if you enforce it and they didn’t even know about it. Of course having this clause will make many tenants just go somewhere else – its a pain to move – but you can put it in there.