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5 Landlord's Rights When Selling A Rental Property

Posted On Wednesday, 14 July 2021 13:39
5 Landlord's Rights When Selling A Rental Property

There are many reasons you might want to exit the real estate business. Perhaps you’ve been a landlord for several years, but you now want to sell your house. However, tenants are still living there.

How do you go about it? Do you forego the idea of selling until the tenants vacate? Or do you evict the tenants because you own the rental property? It’s good to know your rights and responsibilities as a landlord so that you don’t falter when selling a rental property. Here you go!

1. Entering Tenant’s Units

As a landlord, you have the right to enter the occupied house. Generally, any potential buyer would want to see the house, either directly or through recent photos. The fact that the tenant resides there shouldn’t stop you from showing your property to interested buyers. But, the law requires you to issue a 24- hour notice to the occupant before getting in.

The catch in selling rented property is on the state of the house. With a tenant in there, it’s virtually impossible to do the necessary repairs. Some buyers and real estate agents shy away from purchasing unrenovated homes.

Fortunately, there are cash home buyers, like KC Property Connection and other similar ones, which can buy your home on an as-is basis. That means you don’t have to worry about what’s fixed and what’s not fixed. Whatever the state of your house's fixtures, finishes, and utilities, you can negotiate a reasonable price with them.

In that sense, you don’t have to bother yourself with professional staging. Just call the buyer even with all the tenant’s stuff intact, and they’ll quickly assess your home’s value.

2. Collecting Rental Fees

As long as tenants inhabit your property, you have the right to collect rental payments up to the last minute. Some tenants may want to stop paying rent once you declare your intention to sell the property. They have no legal grounds to do so. They ought to remit to your account the required monthly payments until the closing date of your new deal.

However, you may want to give tenants consideration for the mere fact that you’re selling your property while they’re still living there. For instance, you can give them a 30% discount on their monthly rent. Alternatively, you can offer them a paid-for weekend hotel stay during an open house. When time comes to move out, you can pay for the moving expenses. That would be a kind gesture on your part.

3. Using The Security Deposit

Most probably, your tenants paid some security deposit when they moved in. This money should be applied to repairs and unpaid bills. If your tenant damaged some fixtures in your property, you have the right to keep their security deposit.

That’s especially true for refundable security deposits. The tenant may think that it’s a must for them to get a refund. As a landlord, clearly explain to them why you’re withholding their money. Show them the damage and the attached costs of repair.

4. Evicting Tenants

If your tenant breaks the terms of the tenancy agreement, you have a right to evict them from your property. Here are some reasons you may want to throw out the current occupants of your house:

• Complete failure to pay rent for several months
• Constantly late payments
• Subletting your property to occupants who aren’t part of the lease agreement
• Having more pets than you allow
• Improper use of the property, perhaps for business
• Constant complaints from neighbors due to issues like never-ending loud parties
• Significant property damage
• Using your house for illegal activity like drug and sex trafficking
• Expiry of the lease term

However, take note that you have no right to evict your tenants simply because you want to sell your property. If the lease term hasn’t expired, your tenants have a right to continue living in your home. Even if you sell the property, the new owner will have to abide by the initial agreement between you and the renter.

5. Changing Property Use

No matter how long you’ve been renting out your property, you have the right to decide to no longer do so. Perhaps you want to sell it at a discounted price to a family member. The law allows you to do so. The current tenant shouldn’t stop or discourage you from doing what you wish with your property.

In Conclusion

You now understand your rights as a landlord regarding selling your rental property. Go ahead with your plan of changing the ownership of your house without fear of the unknown. With the proper approach and diligence, you should find a willing and able buyer in good time.

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