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Do you need to remove tenants before selling?

On Behalf of | Aug 20, 2019 | Real Estate |

Investing in real estate in Connecticut is a great way to grow your money and find financial success. Part of real estate is buying and then selling. Holding onto your investment can work, but usually smart investors only hold onto their personal homes. You may also buy rental units, which you can hold onto as well since they will make you additional income. When the time comes when you do want to sell your rental units, though, it helps to understand your responsibility to your tenants and potential buyers. One major concern is whether you need to remove tenants before you sell or not.

According to The Day, whether or not you need to remove tenants before selling depends on the situation. If you will sell to someone who wants to be a landlord, then he or she may be fine taking over the leases of the tenants. However, if this is the case, then you will need to let tenants know since the lease you have with them will end upon the finalization of your sale.

In some cases, a new owner will want the tenants removed. In this case, you have to give proper notice and ensure they are out in time for the sale. You should give them at least a 30-day notice. In any case, make sure that you follow the lease and its provisions for ending the agreement.

If you know you need to sell the property empty, then you should plan far in advance and remove tenants before you list the property for sale. This will allow you to ensure they are all out. This information is for education and is not legal advice.