Can i sell my rental property while I’m still in a lease?
I’m 3 months into an 18-month lease, but am interested to sell the property.
I currently own a condo, there are tenants in it and there is a lease on it for the next 15 months. Can I sell the property before the lease expires?
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Tags: 15 Months, Own A Condo, Property Lease
sell property | , 10 Jun 10
By john, June 11, 2010 @ 4:42 am
Not sure you stated this question correctly,
If you signed a lease .. you do not “own”the property you are only renting it.
Read your lease and see if there is a “sublet clause in it. If there is nothing about subletting then you could Sub-lease to someone else for the remaining 15 months, They would pay you and you would pay the landlord. This is risky because if the tenant that you sublet too doesn’t pay you are still on the hook for the rent. Also at the end of the lease you have to make sure they move out. You will also be responsible for any damages to the property after they leave.
If there is a sublet clause that says you cannot sublet then you have to stay put or talk to the landlord and see what kind of deal you can work out to cancel the lease… it is probably stated in the lease but normally you can get the landlord to knock it down some.
By ?, June 12, 2010 @ 7:02 pm
Yes. You can sell the rental property and the new owner has to abide by the terms of that lease. You should be upfront with that lease, expect to lose all buyers interested in buying if for their own residence, and expect to pay advance rent and deposits to the new owner at closing.
By globular, June 12, 2010 @ 8:24 pm
You OWN the condo, but you want to sell..
3 months ago you moved in tenants for an 18 month lease?
Yikes… Not good for the tenant. Here they are home they believe everything fine for another 15 months and you tell them, ok now I am going to sell, be prepared for Real Estate agents or me to disrupt your lives now to show the condo to sell for possibly 6 months (or however long the market is where you are)
NOT A NICE THING TO DO TO NEW TENANTS.
If I were them I would be SOOOOOOOOO upset with you.
Sure you can sell, don’t expect these people to like you or be happy because
1. THEY CAN’T break the lease unless it’s mutual on both your parts.
2. They are stuck..
3. You are stuck trying to sell a leased condo that the new owners can’t even move into till the lease runs out..
You really should be able to give these people the option to break the lease and help them move out… Not nice.
Sure you can sell it with them in it, BUT who wants to buy a condo with tenants that still have WELL over a year lease on it?
Not good timing. Those poor people, if they are paying their rent I would opt to NOT sell for another year at least.
By acermill, June 15, 2010 @ 10:48 pm
Yes, you can sell the property, but you need to insure that the new owner will accept the existing lease and honor same. If you make the mistake of selling without transferring lease ownership at the same time, your tenant can sue you, and your tenant will win that one.