Selling a Boston Condo with a Tenant
Selling a Boston Beacon Hill condo with a tenant occupied has never been trickier. A landlord must be aware of constantly changing local regulations, whether it be state, county, or city and at the same time keep an eye on federal emergency regulations. All of the above governmental agencies can override any existing lease between the homeowner and tenant.
Right now we are still in a Federal national eviction mandatory that lasts until June 30th, 2021, and could be extended further. In effect, no homeowner in all 50 states can simply let their contract with the tenant expire or remove a tenant for issues like non-payment. If a homeowner evicts a tenant under Federal protections (and most are) they could face criminal charges. Tenants do have to qualify for the protection, but in reading the guidelines, the vast majority of renters in the U.S. will be covered.
So simply put, if you are a Boston real estate landlord and want to or need to sell your downtown Boston condo with a tenant inside, you cannot evict the tenant in order to put the home on the market vacant. The tenant can volunteer to leave and the homeowner can entice the tenant to leave by offering them money, but the tenant does not have to vacate. The tenant can only choose to do so of their own free will. Unfortunately, if the tenant will not leave, the research is clear that the condominium will sell for less money and will take much longer to sell – if it manages to sell at all.
the fact is, nearly half of all Tenant Occupied Homes will Not Sell
Tenants have the right to quiet enjoyment of the place they are renting. 24 hours notice isn’t enough to ensure compliance with property showings. Best practice is to get written permission from your tenant for showings, or don’t allow buyer showings at all, make all offers subject to interior inspection.
You have the right to sell the property, but in the U.S. right now you don’t have the right to break the tenant’s lease. Selling your Boston condo is no exception to this. The lease needs to be passed on to the new owner and the new owner must assume landlord responsibilities. Consult a local real estate attorney that focuses on landlord-tenant rights if you have questions.
At Ford Realty Inc., we are experienced and ready to help you sell your property in any situation. Our goal is to ensure your success, helping you obtain the highest price for your property with the least amount of hassle. Our commission is competitive to sell and our contracts cancel anytime, no charge.