Selling Tenanted Properties in BC

 

Selling Tenant Occupied Property


Are you planning to sell your tenanted investment property? 


Selling a tenanted occupied property can be very difficult.  Especially if the tenant is uncooperative.  Watch this video as I go over the 7 tips you should know about before listing your tenant occupied property for sale.


  1. Check when if the tenancy is a fixed tenancy or month to month tenancy.  In a fixed tenancy neither party can break the tenancy, and the new buyer needs to take over the tenant.  On a month to month tenancy if the property does get sold, the new buyer can serve notice in good faith to occupy the unit. 2 months notice must be given to the tenant.  
  2. Have a discussion with your tenant that you are thinking about selling your property, and discuss a viewing schedule that is fair to the tenant.  Remember you need to give 24 hour notice for each viewing.   Open houses should be agreed upon with your tenant as well.   
  3. Check the terms of your rental lease.  If it is a fixed term tenancy and it is not up, consider what the market will be like selling a tenant occupied property.  Most buyers in the luxury space are looking to purchase a property to move into.  They are not looking to become landlords.  The perfect properties to sell as tenanted properties are houses that are selling at land value and 1 bedroom condos that are listed at market value. 
  4. The tenant maybe be present at open houses and showings.   
  5. Your are not allowed to stage the property unless the tenant allows you to. 
  6. If a tenant unreasonably refuses access to show the unit or provides misleading or inaccurate information to prospective buyers, the landlord could, serve 1 months notice to end the tenancy. 
  7. Compensation to end any tenancy agreement shall be one months rent. 


Question of the day, would you consider selling your property with a tenant or wait till the tenant has moved out?  Please leave it in the comments below. I will try my best to personally answer all comments myself.     


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