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Can Landlord Sell House While Renting In Colorado?
The short answer is – yes. Since the title of the home is still in the landlord’s name they are entitled to sell the home if they so choose. However, the new owner of the property must honor the existing lease agreement until its expiration. If there is no existing lease then the tenants must leave the property and if they refuse then the new owner will be forced to go through standard eviction proceedings. In a lot of cases the so-called “tenants” will actually be squatters who haven’t paid a dime in rent or utilities in months or even years so many homeowners are relieved to finally find out that they can simply sell the property to a cash investor without any further headaches or dealings with the problematic occupant. If the tenant is being aggressive and in some cases even damaging the property then the landlords do have legal recourse in certain cases so please keep that in mind as well.
Selling With Tenants Inside Does Present Some Challenges
Selling a house with tenants in Colorado can be an extremely challenging and difficult process, especially if you are in unfamiliar territory and haven’t dealt with a situation like this before. The main thing that you want to avoid during this situation is provoking the tenant and making them angry because then they can cause havoc for you and your property, and make it even more difficult for you to sell when it finally comes time. You may have to offer the tenant an incentive for leaving the property in good condition once you close on the deal, in order to deter them from becoming a problem when the deal gets to the closing table. Oftentimes, if you are willing to give the tenants a small cash settlement so they can transfer their living quarters to another property, they will be more willing to leave without causing additional problems for everyone involved.
What Happens To A Lease When A Property Is Sold?
Landlords must honor the existing lease when they take title to the property. Normally, the new owner of the property must comply with the existing lease agreement until expiration. If there is no written lease in place and the agreement is only verbal then the new property owner has full rights to the home and doesn’t have to honor the existing verbal agreement. If this wasn’t the case then a lot of tenants would be able to be unfairly evicted without notice simply by having the owner sell the home out from under them. A lot of unscrupulous landlords have been known to attempt to do this, and oftentimes will wait until the very last minute to inform the tenants that they intend on selling the home. Sometimes, they don’t even inform them at all and the tenants end up finding out once there is a for sale sign out front and the realtor is knocking on the door asking to show the property.
Can A Tenant Refuse Viewings?
Tenants can refuse viewings of a property that they are occupying IF they have an active WRITTEN lease. If there is a verbal month-to-month lease then the general rule of thumb is that the tenant cannot refuse the showing. However, some still do even though it is not within their legal right to do so. The best strategy for a landlord to get the tenant to show the property is to offer cash for keys (pay them) to play ball and get them working with you to sell the property. If you have a fixed-term lease then the landlord must honor that lease or at the very least the
Do My Tenants Have To Play Nice When I Sell The Home?
As the property owner and landlord, you are entitled to sell the house to whoever you want to, and this is important to remember. The tenants may be occupying the property, but you are still the owner and it is within your rights to sell whenever and to whomever you choose. If you do decide to sell, the lease agreement that you have with them will still remain in place. A lease agreement is not breached simply because you are choosing to now sell the home, and this is a common misconception that a lot of landlords have, so it’s critical that you are able to make this key distinction. Tenants will have to be given at least 24 hours notice before someone enters the home, and they must have reasonable access to the property.
What if I Don’t Have a Standard Lease Agreement?
If you aren’t equipped with a standard lease agreement, then the lease will typically operate on a month-to-month basis, where the tenant’s rent will be paid at the first of each month. If this is the situation, then you must give the tenants at least a one-month window that they can use to vacate the premises before you close on the deal and sell the home to another buyer. If the tenants have been renting the property for more than 12 months, then they must be given at least a 2-month window to vacate, depending on the local ordinances and state laws. Check with a local real estate attorney in your local area to find out more detailed specifics about this process. Click here to learn how to sell a house in probate in Colorado.
Advice On Getting Tenants To Play Ball When Selling A Home
Real Estate Finance
Keep in mind that selling your home with tenants still living inside can negatively impact the sale price.
First of all, consider how the potential buyer could be swayed by the negative opinion of the tenants if they are unhappy about their current situation. Another thing to consider is that it will be extremely difficult to sell the home through traditional methods while going through a painful eviction process.
The best way to sell the home is to attempt to get the tenant on YOUR side. There are several ways to do this.
- Inquire with them about how you can make the eviction process easier.
- Make sure to give the occupants at least 1 day’s notice.
- If a buyer wants the property without the tenants, then give them an incentive to leave.
- Offer some type of cash bonus for vacating the premises and leaving it in great shape.
- If the tenant is really hard-headed, offer them cash money to leave the home without a fight.
- Ask them when they will be available to show the home.
- Offer to pay the tenant every time they show the home, and let them know you will pay them out once the house finally sells.
Selling A House With Tenants In Colorado<<- Get an Offer Here
Time is money, and the faster you get the home under contract with a buyer and sold, the faster you can get on with life. Selling traditionally with a tenant offers many obstacles to overcome, and can make a tenant angry. Maybe even to the point of them damaging the property. (They can do a lot of damage!)
In short, selling a house with tenants in Colorado can be extremely difficult. If you need to evict a tenant, let us worry about it!
If you’re looking for an offer on your property, HBR Colorado can buy the property with existing tenants! Get a free, no-obligation offer by filling in the quick form below.
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