I want to sell my house with tenants.?

I have tenants renting my property until end of September 2011; I would like to sell immediately. My circumstances have changed, recently, drastically. Can I sell the house with the stipulation that the new owners honour the lease until the end of September 2011? Or what is the time minimum for selling and telling my tenants they have to leave? thanks very much for any info.

Update:

Yes, I just signed a new lease with them, this is the second year with the same tenants. I was figuring it would be down to someone who wants to buy the place as an investment, are there not those sorts out there? The place is in a great location in a cottage town, could be worth loads in a few years as the place develops.

Update 2:

Thank you for all the great comments and answers. I checked my lease and can sell, as long as the lease is honuored, which I'll make as a condition of sale. I've decided that I'll be selling, and definitely marketing the sale as an investment property.

9 Answers

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  • 9 years ago
    Best answer

    Yes, that is how it works, the lease goes with the house. This is a plus to investors.

  • 9 years ago

    Investors LOVE to know the property is already leased for another year, and the fact that the tenants have already been there for a long term is a bonus as well!

    Where is the property? Send me an email, I have someone who is interested in buying an investment property:

    cip.devries@century21.ca

  • Anonymous
    9 years ago

    Did you sign a lease? If you signed a least up until Sep 2011 the only way you could opt out of an official document is with both parties agreeing. Otherwise its a huge legal battle that in the end will not be over in Sep 2011.

  • 4 years ago

    Have your tenants signed the Lease? If they haven't then legally you probably can get out of it - but you have taken their cheque which in itself can be seen as part of a contract. Morally, it's very unfair on your tenants. If they have signed the Lease then no you can't. Anyway - your buyer may not actually proceed.

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  • 9 years ago

    Check the wording on the Lease y'all signed. Usually they indicate that the lease reminds binding on anyone who purchases the property. What this means is that you will only be able to sell to someone who buys houses as investments. It is probably going to seriously limit your chances of selling, in this terrible housing market. I suspect that you will probably still be trying to sell your place when this lease runs out on it's normal date.

  • 9 years ago

    Speak to a realtor.

    Secondly, advertise yourself with the headline: INVESTORS! House is presently leased to responsible tenant with one year on the lease. Let their rent help you with your downpayment.

    Rent is paid at the first of the month, while mortgages are paid in 'arrears', thus, the first and last months' rent can be used in the downpayment.

    Good luck

  • 9 years ago

    If you make a private sale, in many states the new owner MUST honor the lease.

  • 9 years ago

    I politely disagree with another poster. As an investor, I would see existing tenants as a plus as long as they are paying the market rates.

  • 9 years ago

    Few people are going to want to buy a house with people already living in it. But you can try. Talk to a realtor and get their advice.

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