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leasing but selling a property
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about 8 years ago
We are newly leasing a property, but would like to sell it in the spring. How do we word the lease...we want to give tenants enough notice if the new owners do not want to keep them as tenants, but not scare them away if it doesn't sell in their lease term. What should we tell them, and what should we keep to ourselves? Advice, please!
about 8 years ago
You could do this one of two ways, simply offer a 6 month lease if you think that you can turn the property over relatively quick. This route may be harder to find a tenant and a good one at that. The other would to be straight forward and let them know that the house would be going up for sale and if they sign for a year you could negotiate that the new landlord would honor the lease for the remainder of the term. Being open and honest will also be good, and letting them know that it is up to the new owner to decide if they want to renew or end the lease. You could also do a lease to buy and try to find a tenant that would love to own but are not quite there yet. This year lease would help them pay the downpayment and give them a start while not having the property vacant.
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