In this video, I chat with a top Paralegal, Bita Di Lisi about buying and selling homes with tenants.
What is the best way to provide a vacant possession?
How to provide a vacant possession?
Can you provide a vacant possession?
Reach out to Bita Di Lisi www.StonegateLegalServices.ca
While taking on tenants may be an easy way to generate income, buyers should keep certain things in mind before taking on tenants.
It is difficult to predict whether the tenant will cooperate with the sale of a tenanted property, which is one of the biggest challenges associated with buying one. The sale of a tenanted property can be affected if the tenant refuses to move out or is uncooperative. Therefore, it's important that buyers and sellers approach the sale of a tenanted property with an open mind.
A seller needs to take steps to make sure that the tenant leaves the property before the sale closes to protect themselves as much as possible. The owner can use a strategy known as "cash for keys" to negotiate with the tenant to vacate the property before listing it. Essentially, this means that the owner agrees to pay the tenant money in exchange for their cooperation in vaping the property.
When it comes to vacant possession, there are no guarantees. Even if the seller agrees to pay the tenant to move out, the tenant may not cooperate. This is why buyers and sellers need to work with an experienced realtor and paralegal who can help them navigate any potential challenges and guide them through the process.
A frank discussion with the tenant before listing the property can help identify any potential issues and help the seller decide whether or not to offer the tenant cash for keys.
It is important to go into buying a tenanted property with an open mind, but ultimately it can be a good investment. The buyer needs to negotiate with the tenant to vacate the property before closing in order to protect themselves as much as possible. It is possible to overcome the challenges associated with buying a tenanted property with the help of an experienced realtor.