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Did you know... • November 7, 2016

SELLING A RENTAL WITH TENANT?

by Michael Waggoner

More than just title needs to be transferred at closing if the transaction is regarding a tenant occupied property.  Both funds and information need to be transferred:

  • Tenant deposits, including pet or cleaning deposits

  • Prepaid rent, including last month’s rent deposit

  • Proration of monthly rent, if closing is mid-month

  • Tenant lease

  • Move in inspection report

  • Tenant ledger

  • Tenant contact information

  • Keys – easy to forget since the buyer isn’t taking possession

When ready to vacate, the tenant will be credited all deposits and pre-paid rent, per what is recorded in the lease, regardless of whether those funds were transferred at closing.  If the move in inspection report is not transferred, the buyer will not be able to charge the vacating tenant for any cleaning or damages.

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

There are no warranties, express or implied, including fitness for a particular purpose, made with respect to this communication. Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should obtain the advice of an attorney well versed in these matters.

 

 

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