Turning over your tenants
June 9th, 2007 by helpfulfactsAs a landlord who has acquired several new properties in the past several years, I have found nothing makes renters more nervous than a change in management. Fears of rent hikes, added fees and new rules are just some of the concerns tenants wonder about when there is a change in management.
If you are thinking of selling a rental property anytime soon, help ease your tenants’ transition by keeping them informed during the process and reassuring them of the new owner’s obligations.
First, tell them all rental agreements in place at the time of the sale are still legally valid until the end of each lease term. The new landlord cannot change the terms of any existing leases or move for an eviction without proper cause.
Second, rent cannot be increased in the middle of a lease just because the new owner wants to raise the rent. New owners must abide by the rental rate in the current lease.
Third, no changes can be made in lease provisions regarding policies concerning pets, number of occupants or anything else stipulated in the current agreement.
As the seller, once you have accepted an offer and have a deposit, you should begin sharing information on the property and tenants with the new owner. Let your tenants know you are selling the property as soon as you are confident the sale will go through. Keep tenants in the loop throughout the process by providing any important dates to them (inspections, closing, etc.).
Once the sale is final, send a farewell letter to each tenant introducing the new owner, providing the new landlord’s contact information and any other items needed for a smooth transition. Often times, the new owner will probably want to meet the tenants and inspect their units.
The final step is the closing, where you’ll turn over all keys, deposits and paperwork to the new owner. After this, you no longer own the building and can walk away knowing you have treated your tenants with respect and helped them to transition smoothly with their new landlord.
Posted in Landlords, Real Estate Investing |
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