At some point owners of rental properties may have a reason for wanting to sell them, from receiving an attractive offer for the property to wanting to move into another type of investment. While it is true that it is legally possible to sell a rented property, it is also true that, just as landlords have their rights, so do tenants.
Fortunately there are legal ways to sell a rental property:
If the lease agreement is for a short period.
If the tenant is under a lease that renews, for example, on a month-to-month basis, the tenant may be asked to vacate the property by giving 30 or 60 days notice prior to the next renewal (The time to give notice varies from state to state.) You may wait until the tenants vacate the property or you may choose to show the property to prospective buyers. In this case, the tenant must be notified at least 24 to 48 hours in advance that the property will be shown at the date and time indicated.
If the contract lease is for one year.
The tenant has the right to inhabit the property until the expiration of the term agreed in the contract. In the case of one-year leases, the tenant may be asked to vacate only if there is an early termination clause in the lease. Likewise, following the legally established procedure, the tenant may be asked to vacate the property if he/she has violated the contract in one or all of its parts.
Sell the property to a investor.
It is possible to sell a tenant-occupied property to an investor. Many of the investors are interested in generating income through rental properties and it is great news for them to know that the property is already rented.
Sell it to the tenant.
There are landlords who, as a first step, once they have decided to sell the property, offer it to the tenant. In case they are not interested in buying it, they are asked to vacate the property on the date indicated in the due notice. In cases where the tenant is willing to buy the property, some landlords assist them in the purchase process through financial arrangements with them.
Pay incentives to tenants to vacate the property.
If the tenant does not want to leave the property and shows no interest in buying it, the tenant may be offered some money in exchange for vacating the property. The tenant may also be offered to pay the costs of moving to another property.
