Are You A Landlord Considering Selling A Rental Property?
As the real estate market has picked up in recent months in Connecticut and elsewhere in New England and nationwide, many property owners are considering selling their homes or rental properties while prices and demand are high. One of the first steps in this process is to get legal advice as to the most advantageous process for pursuing this goal.
To understand your rights as a landlord as well as your tenant’s rights before you sell a rental property in Stamford, Bridgeport or another area community, consult with a real estate lawyer at Mark Sank & Associates, LLC. Our over 35 years of real estate law experience can be an asset to you as you prepare to achieve your objectives, protect your interests and avoid legal challenges from tenants.
About Landlords’ Rights And Concerns
Your rights as a landlord may be affected by the terms of a current lease and/or laws in your municipality such as rent controls. Before you proceed, ask a real estate attorney to evaluate existing leases in detail.
Your lawyer can also help you prepare messages to share with your tenants, such as requests they may receive to leave the property temporarily to allow prospective buyers to view it. You may even want to offer your tenant the option of buying the property if you believe this could be advantageous to both sides.
About Tenants’ Rights And Concerns
Your tenants may have the right to remain in their home or office(s) until the terms of the lease are up. Is it a month-to-month or an annual lease? Review your lease to be sure you know the answers to questions your tenant is likely to have once they learn about your plans to sell.
Going beyond the strictly legal rights of your tenants, you may want to consider each tenant’s frame of mind before you move forward with a plan to market the property. Some good psychology along with sound legal advice can go a long way in helping you achieve your goal of selling a rental property that you own.
Get Personalized Advice
With more than 35 years of experience practicing law in this region, Mark Sank & Associates, LLC, can be a valuable resource for you as you make decisions about investment properties that you own. To schedule a free consultation with a lawyer with no further obligation, call 800-785-9702 or send an email inquiry.