Selling a tenanted property: what landlords and tenants need to know

By: Jay Paramanathan

Selling a tenanted property: what landlords and tenants need to know

Tags: Tenanted property, home buyer, home seller, gta real estate, Toronto real estate, home staging

Tenants and Landlords, the Yin and Yang of the real estate world!
 
As most of you may already know, the Real Estate market is driven by Sales, houses, condos, apartments, and so on. There is always a chance a tenanted property will be sold, and we are here to guide you on the best way to do it!
 
COMMUNICATION IS KEY!
It might sound a little bit cliche, but in this case, as the livelihood of numerous people is at stake, communication can make this entire process painless and effortless!
 
The main legal aspect to cover when a tenanted property is being sold or listed as being up for sale, is providing the current tenants a notice of intent to sell.
 
It is required from the landlord to provide a 60 days’ notice regarding his or her intent to sell, starting from the first of the month. For instance, if a notice period is provided to the tenants on the 15th of November, the Tenant's 60 days will start ticking from the 1st of December!
 
A very important thing to pay attention to, as if you do disregard this, it can lead to unnecessary delays and possible losses.
 
 
PROVIDING MUTUAL SUPPORT!
Every move can be hard and stressful, especially when you don't have a permanent residence. As a tenant, this can have a huge impact on your mood, health, social interactions, and much more!
 
As a landlord, selling your property, something you have worked hard for, can feel like a step towards the unknown, a step towards uncertainty.
 
Both positions are quite ungrateful and can lead to a huge amount of stress to both parties, including the buyers as well.
 

THERE IS AN UPSIDE TO THIS!
As a landlord, you can provide support to the tenants moving out, possibly help them look for a new home close by, or even suggest them to a friend who might be a landlord as well, it will greatly reduce the tension, and provide them the helping hand they may need!
 
As a Tenant, you do have the ability to provide feedback regarding the home itself, the ups and downs.
 
You could even provide helpful staging for the Landlord as when the potential buyers do come to look at the property, the chances of them purchasing the property drastically increase!
 
Most frequent concerns by tenants and landlords:
1) Do I have to move in case the property gets sold?
 
It depends, if the property is bought, but the new buyers have bought it to rent it, you can communicate with the new owners if it would be possible to extend your lease!
 
2) How to arrange a property viewing if I have tenants?
 
It is required for any sort of viewing to be followed by a notice given to the tenants 24 hours ahead of time. Legally, after the notice has been provided, the Landlord has the right to show the property between 8 AM and 8 PM!
 
(We would suggest communicating any sort of viewing with your tenants as you could benefit from it via staging)
 
 
If you would like us to fill in the gap between landlord and tenant, to be the neutral ground so the entire process goes by perfectly, let us know!
 
We are here for you, and we will be more than happy to provide you with our knowledge and experience!
 
Contact Jay Paramanthan today!