Can I sell my rental property with tenants in it?
Short answer – yes. Selling rental property with tenants in Austin is quite common and many landlords are faced with the decision to sell whether they like it or not. It can be a confusing procedure as your decision to sell affects one (or more) people. There are a few things you need to do in order to avoid complications and make life easier for yourself and your tenants. Dealing with tax implications, or evictions, can be very stressful for a landlord. In this article, we’ll also look at tenants’ rights when selling rental property with tenants in Austin and how can a landlord show a house while occupied. So here’s how to sell a rental property with tenants in it.
Selling rental property with tenants in Austin
I understand that not many can afford to wait for tenants’ leases to run out before you sell your house. Selling rental property with tenants in Austin is definitely possible – however, a clear communication needs to be established in order to proceed with selling the property. Here are some of the options you can take to sell your house with tenants on the lease:
Wait until the lease runs out.
Sell with an active lease
This is completely possible. A potential buyer might be interested in renting out a house in the first place – by leaving your tenant in the property, you’re providing the new landlord with a favor.
Cash-for-keys method
You might be wondering what that is – you pay your tenant to vacate. This is especially effective for those looking to sell their house fast. Depending on your relationship with the tenant, you can offer them help at moving, pay their security deposit or anything else you can think of.
Sell to the tenant
In the case of an unwanted property and not wanting to deal with going through viewings, you can sell to the tenant if they are interested.
Send an early termination notice
Depending on the state, these notices need to be sent out a month or two months in advance to give your tenant enough time to find a new home. If your tenant violated any parts of the rental contract, you can terminate their lease instantly.
Tenant’s rights when selling rental property
Depending on the state or country you are renting out your property in, tenant-landlord rights might be different. As a legal landlord, you should always be clear of all tenant’s rights when selling rental property with tenants in Austin.
- 60-day notice is required to be given to the tenant once the landlord decides to sell the property.
- 14-day notice is required to be given to the tenant before a first viewing is scheduled.
- The tenant needs to be aware of all dates and times of viewings.
Unless the tenant gives their consent
- You must not enter the property before 8am or after 8pm.
- Schedule an appointment on a Sunday or holiday.
- You are not allowed to take photos of the tenant’s personal property.
- You must not put up the ‘for sale’ sign.
- You must not hold an auction on the site.
Sell Your House to a Cash House Buying Company
So, you’re selling a house, huh? Why not sell it FAST to a cash house buying company? I accept houses with repairs and give you the opportunity to save on commission and to not worry about estate agents. You will receive a quote in just 24 hours.
Jainsons Properties gives you a cash offer within one day and you can close it whenever you want. Your house can be sold in a week!
If you need to sell your Austin area house fast and would like to get a no-obligation cash offer, call us now at (737) 300-5525. Whether you decide to sell your house to us or not, we would like to help answer questions you might have about the process. To discover more about how you can fulfil your American real estate dream and maximise your investments, contact us today.