Selling Boston real estate with the tenant in the unit
When it comes to selling downtown Boston real estate for sale with sitting tenants, many landlords find themselves trapped in a web of questions that only the law can answer.
- Is it legal to sell property with sitting tenants?
- If yes, should you evict the tenants or wait until the tenancy ends?
- And if eviction is an option, what are your eviction rights as a landlord?
First things first; it’s legal to sell property with sitting tenants. Landlords do it all the time.
However, selling property with tenants isn’t as simple as it sounds, and a simple mistake can have serious legal consequences. In this Boston real estate blog, you’ll learn how to sell a property with a sitting tenant the right way. But first, a quick crash course on sitting tenants.
Also called a tenant in situ, a sitting tenant is someone who has rented a Boston condo that the owner (seller) intends to sell.
If the occupant has a contract or a tenancy agreement with the current property owner, then they have the legal rights to continue living in the property even after the ownership changes hands, unless stated otherwise.
While it’s legal to sell downtown Boston real estate with a tenant, evicting a tenant without proper notice or following the required legal procedure can put you in trouble.
When it comes to selling Boston downtown real estate with a tenant, you have many options. We’ll mention just a few in this post.
You can give tenants notice, usually 90 days.
Note that you can only give your tenants a notice of eviction if the tenancy agreement allows it.
But if your tenancy is regulated on an assured tenancy, you will not be able to issue an eviction notice. In such cases, you could give the tenants an incentive and ask them to leave voluntarily or try the next solution.
Selling your Boston Beacon Hill condo for sale to a cash buyer
By doing so, you eliminate the middleman and the lengthy mortgage processes, allowing the process to finalize in days while solving all your tenancy problems. When you sell your Beacon Hill condo to a buyer the tenancy becomes the responsibility of the buyer.
Selling a property with tenants can present a lot of problems to the seller.
First, the presence of tenants can reduce the value of the property by up to 20%. Secondly, some lending institutions will not give a mortgage on a property with a tenant. This often makes it unattractive to buyers and hard to sell.
But you can avoid all these problems by opting to wait for the tenancy to end, then sell the house with vacant possession. This can help you avoid eviction hurdles and other problems that come with selling a Boston downtown real estate with tenants