What Happens When You Are Selling A Rental Property With A Fixed Term Rental (Lease)
Part of Real Estate investing can involve selling rental properties currently tenanted. In this video blog I discuss selling a fix term rental or more comonly referred to as a lease.
In the case of a lease the tenant can not be given two months notice to vacate as in a month to month rental. The tenants have the rights to remain for the length of the term of the lease.
Often the lease states the tenancy rolls over to a month to month at the conclusion of the lease or fixed term. If this is the case, after the fixed term the Seller can provide written notice that the tenant will need vacate using the two months notice at any point.
If the lease states the tenant is to vacate at the conclusion of the lease and the agreement does not roll over into a month to month tenancy then the landlord does not need to provide any notice.
If a home buyer would like to buy the property to reside in the may not do so until the end of the time frame of the lease and appropriate notice period when applicable.