Are you selling a condo with tenant in Toronto? The process isn’t always that easy depending on your situation and the tenants in place. Learn more about how to do it in our latest post.
Ethically, when selling a condo with tenants in Toronto, you’ll want to make the transition as easy as possible. Let them know of your intentions and what they should expect. If they wish to stay in the condo, look for a buyer who will welcome the idea of buying will tenants. Someone who will honor the lease and make the transition invisible to the tenant. That said, it is business. If you are losing money or need to sell for other reasons, don’t hold on to the property longer than you have to.
Tenants Rights When Selling Condo With Tenant
Before you decide about selling condo with tenant in Toronto, make sure you are familiar with the tenant’s rights. If you are asking them to vacate the property, make sure you are giving them the right amount of notice and are operating according to the law. You will need to have a termination clause in your lease allowing you to end the lease early. Selling condo with tenant in Toronto can seem difficult. But if you adhere to the legalities and work with the right buyers, the process can be done quickly and without much disturbance to anyone’s lives.
Sell Directly
Selling condo with tenant directly will eliminate the need to clean, market, stage, and show the home. All of these can be difficult when there are tenants living in the condo. In order to successfully sell your condo directly, you will need to find the right buyers who are willing to take on a condo with tenants. In fact, there are many investors who will see this as a perk. One less thing they have to do and having an instant income, without any costs for renovating, cleaning, can prove to be very valuable to them.
Offer Incentives
If you plan on listing the condo with a Toronto real estate agent, you will either need to wait until the tenants have moved out or have their cooperation in showing the home. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place. Selling your condo can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them.
Be Respectful
Remember, it might be your condo, but it is currently your tenants home. They may feel a sense of attachment or worry about being uprooted after living in the home for a long time. While you may need to sell the condo for your own personal reasons, try to be as respectful and accommodating to your tenants as possible. This will make things easier for them and for you as the home seller.
Sell Your Condo To Your Tenants
Aside from you, there aren’t many people who know and love the condo the same way you do. If your tenant has been there for a while, they will have likely developed an attachment not only to the condo but to the community where they are living. If the condo has truly become their home, they may be interested in buying it outright. Before you spend time and money on the listing process talk to your tenants to see if there is any interest. The perfect buyer for your Toronto condo may be right under your nose!
Selling condo with tenant in Toronto can be challenging depending on your situation and who your tenant is. However, when you plan ahead, act thoughtfully, and stick to what the law says, it can be done. We would love to help you learn more about the options available to you!