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Selling With a Tenant - Part 1
Selling a piece of real estate in most markets can be a challenge. When you are selling a property that has a tenant or tenants in it, it adds another layer of complexity to the sale. Over the next few weeks, I’ll discuss different tenant scenarios. Today let’s assume that you own a condo that is currently rented out. You’ve decided to sell the condo. In today’s real estate market, investors aren’t interested in buying single unit condos so your prospective buyer is an owner-occupant (bank speak for someone who will live in the condo).
When a buyer is buying your condo to live in, one of the conditions of their offer will be that your condo must be delivered vacant at the closing. Not only will the buyer require this but their bank will as well so the next question is whether your tenant has a lease or not. If your tenant is a tenant at will (where the rental period is 30 days and automatically renews each month when your tenant pays you their rent) then you can put the condo on the market at any time. If the tenant has a lease, then you’ll need to do some ... more
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