Selling Home with Tenants

Learn how to avoid tenant issues when selling a home. When you sell a home the new buyer usually wants that home vacant. When you sell a home.

 

Tenant Issues When Selling a Home.

Learn how to avoid tenant issues when selling a home.

Are you selling a home with tenants? This short video will teach you how to avoid tenant issues when selling a home. The expert advice provided is directly applicable to Real Estate Law in the Queens and Brooklyn, NY area.

I want to talk to you a little bit about selling a house with sitting tenants. When you sell a house

there are many preparations you can do in order to make that transition very smooth one thing a seller can do in order to make their transition smooth when selling their home is to prepare for all the tenants that they have in their home many times when you sell a home the new buyer wants that home vacant they want all the tenants out at the time of closing now you may have a tenant in your house and that tenant doesn’t have a lease you may also give

notice to that tenant verbally and tell them that you plan to sell the house and

that the new buyer wants the property vacant but that may not make that tenant

move in order to have a head start on your tenant you need to be very

aggressive with respect to making sure that the house is vacant at the time of

closing if you try to close and the house is not vacant it can cost the seller a lot of money the buyer may decide to go ahead and close title and

keep the tenant in the house however that may also have the seller deposit a large sum of money in escrow with their attorney and pay the buyer a monthly

payment until that tenant has been evicted or vacates that’s a large pill to swallow when you’re selling a home so when you’re selling a home as soon as you first realize you’re selling a home

you talk to your broker and you ask them if they are going to sell the house with

the tenant or without the tenant if the broker is saying that the house will be sold without the tenant then you need to speak to a real estate attorney who does

evictions and to serve that tenant who doesn’t have a lease with the 30 days notice

(check official tenants rights for New York State here).

You need to be very aggressive in doing that because first, that’s giving that tenant at least 30 days to move. If the tenant doesn’t move after the 30 days then you still have to file for a Court date. The tenant could go to court and ask for one or two

adjournments before your case is even heard by the judge.

And eventually when your case is heard by the judge you may have to end up settling the case

and still give that tenant time to move that could be anywhere from a three to a six, seven

eight month process depending how aggressively you are attacking the case

but that also may prevent you from closing on time.

So once you realize you want to sell your house the best thing to do is to plan ahead and you plan ahead by speaking to your real estate attorney Try to come up with a plan to make sure that that house and that apartment is vacant at the time of closing if you need further information do not hesitate to call us at Yvette Dudley Law Group at

718.341.3000

 

Leave a Reply

Your email address will not be published. Required fields are marked *