Name: Your Rights As An Owner To Sell With A Tenant In Place
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Your Rights As An Owner To Sell With A Tenant In Place

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You have a tenant in place and have decided to sell your property. &nbsp;This is great news! &nbsp;Luckily, as a SC Realtor I get questions a lot when selling long term rental property. &nbsp;Long term meaning: “month to month rental” or “annual rental”.
What do I do to sell my property with a tenant in place, you ask?
Below are commonly asked questions, SC tenant laws and the steps to take to ensure a smooth sale. &nbsp;All while your tenant is still in place! &nbsp;So you do not lose any of that great rental income! &nbsp;NO MONEY LOST, ITS A WIN WIN!
Below are commonly asked questions, SC tenant laws and the steps to take to ensure a smooth sale.
Here are some common owner/ tenant questions when putting your property up for sale:
“How do I sell my home/ condo with a tenant in place?”
“What are my rights as a landlord to sell my home/ condo in the state of SC?”
“What are my tenant’s rights, when they are renting from me, while my home is on the market?”
These are all great questions! &nbsp;Luckily, there are laws in the state of SC to protect you as an owner. &nbsp;If you are a tenant going through a property sale; there are laws in the state of SC to protect you too. &nbsp;Knowing each others rights will help make this sale a smooth process.
Luckily, there are laws in the state of SC to protect you as an owner.
For starters, as an owner, it is important to get your records together before listing your property. &nbsp;How long has your tenant rented from you? &nbsp;How much are they paying you monthly and how much was their initial rental deposit? &nbsp;These are all important questions to have the answers to. &nbsp;Not just for your property to close, but also for potential buyers. &nbsp;This is also important for your tenant and staying compliant with the contract you have in place with them. &nbsp;If you bought your property for the purpose of renting it another buyer may want to rent it too.
Talk to your tenant! &nbsp;This is very important too. &nbsp;Let them know that you are putting the property on the market. &nbsp;Communication is key here. &nbsp;There are laws in SC to protect you, but there are laws to protect your tenant as well. &nbsp;I will go into these laws further for you and your tenant.
Keep the communication clear and positive from the start to help with your property sale. &nbsp;Your Realtor, their real estate office, potential buyers and your closing attorney will most likely communicate with your tenant too. &nbsp;Keep these things in mind and make sure to not keep your tenant in the dark. &nbsp;They have been good to you so far, assuming, since you have not evicted them.
Talk to your tenant!
Have you spoken to your tenant about purchasing the property from you? &nbsp;This question seems so simple. &nbsp;You may have the buyer for your home already living in it! &nbsp;Your Realtor can help you with this process. &nbsp;Knowing the SC rental laws, your Realtor will help supervise the sale. &nbsp;This is usually completed at &nbsp;a great price for you as the owner and your Realtor will have the proactive steps to get it done. &nbsp;Your Realtor can also help you determine a fair sale price for you and your tenant. &nbsp;These proper steps are vital to ensure that your tenant can accurately purchase your property. &nbsp;We make sure there are no hang ups so the sale will go through properly.
What about property showings? &nbsp;This is where your communication and the laws of the state come in BIG TIME. &nbsp;Check your rental agreement and talk to your tenant. &nbsp;The state of SC law states that a tenant does not have to allow you to show the property while they are renting from you. &nbsp;WAIT! &nbsp;What did I just read here?? &nbsp;Yes, this is 100% accurate. &nbsp;The state of SC states that your tenant: ‘has an assumed ownership of the property while renting the property’, ‘a written 24 hour notice is to be given to tenant before entering the property’, ‘once permission is granted the OWNER of the property is allowed to gain access.’ &nbsp;Oh boy, now you see why communication is so vital! &nbsp;Not to worry, as I’ve got you covered here!
The good news is most tenants are flexible and do want to help! &nbsp;Like most people, your tenant will want to help and will be flexible with allowing showings. &nbsp;But, you as the owner can not demand them to be done.
Talk to your tenant about a good time frame to show the property. &nbsp;Is there a time frame during the day that works best for them? &nbsp;Assume they are OK with it! &nbsp;Let them know how much you appreciate this and their flexibility to help you with this. &nbsp;Ask if they would like to have a time frame window as a ‘heads up’ before buyers come thru to look. &nbsp;A 1-2 hour window; or even a 24 hour window is fine. &nbsp;As a Realtor we see this all the time ‘tenant in place, please allow 24 hour notice to show the property’. &nbsp;This is a courtesy to your client and to you.
Talk to your tenant about a good time frame to show the property.
I do not recommend to big of a ‘heads up’ time window. &nbsp;As some buyers are impatient and want to see the property when they are available to see it. &nbsp;Not when it is able to be shown. &nbsp;LOL! &nbsp;So, find a happy medium that works for all parties involved.
Now you are at the stage that you have a contract on your property! &nbsp;AWESOME! &nbsp;Lets assume, in your sale agreement, the new buyer says they want to keep your tenant in place. &nbsp;Oh boy! &nbsp;YAY! &nbsp;But, what do you do now? &nbsp;The good thing is you already did all your research in the beginning. &nbsp;All this info will be important to turn over to your closing attorney. &nbsp;Your closing attorney will line up the proper procedures to get the sale completed.
Your closing attorney will line up the proper procedures to get the sale completed.
The buyer’s closing attorney will terminate the lease between you and the tenant. &nbsp;Aren’t you glad you have a great REALTOR and a CLOSING ATTORNEY now? &nbsp;Any money owed to you, from your tenant, is to be paid to you before closing&nbsp;or kiss it good bye!
The attorney will then draw up a new lease between the new buyer and tenant. &nbsp;Any deposit you received with the previous tenant contract will be transferred to the new buyer. &nbsp;Any pro- rated rent will be owed to the buyer as well. &nbsp;This is based on your closing date. &nbsp;You didn’t think you were going to get to keep the rest of that rent money for the month did you?
Any money owed to you, from your tenant, is to be paid to you before closing&nbsp;or kiss it good bye!
This all sounds good and well, but what if your buyer does not want your tenant to stay in the home after closing? &nbsp;Your lease agreement will help with this too! &nbsp;What type of lease agreement do you have in place? &nbsp;When does the lease with your tenant expire? &nbsp;If you have a month to month lease, then technically you, or your tenant, can void the lease with-in a 30 day time period. &nbsp;Again, this is based off of your lease agreement.
What if you have an annual lease that terminates at the end of the month? &nbsp;AND your closing date is in 45 days!!! &nbsp;Talk to your tenant. &nbsp;Do they want to cancel the existing lease when it expires and sign a new one? &nbsp;They may want to occupy the home until the closing date. &nbsp;This would help you out tremendously, as you will not lose any rental income. &nbsp;This may also help your tenant have a smooth moving transition process.
When does the lease with your tenant expire?
What about the buyer if this is the case? &nbsp;They do not want to have a tenant in the house when they move in! &nbsp;That’s what they said and you agreed to! &nbsp;Not to worry, as the buyer will not be affected when you terminate the lease. &nbsp;Make sure to have everything in writing and contact your REALTOR and/or your CLOSING ATTORNEY with any questions you have. &nbsp;They will have the proper forms to ensure that your tenant is able to move out with no hassle. &nbsp;Allowing your shinny new buyer to move in with no hassle on the closing date.
Make sure to have everything in writing and contact your REALTOR and/or your CLOSING ATTORNEY with any questions you have.
Remember this, with real estate and I mean all parts of real estate. &nbsp;The rental side, buyer side, your side and the real estate sale side. &nbsp;We are dealing with people and contracts here. &nbsp;All things are flexible and negotiable. &nbsp;Make sure it is a good deal for you! &nbsp;Do you feel that you and all parties involved are benefiting? &nbsp;Not only that, but that the contracts and stipulations in place are ethical and fair to all parties involved? &nbsp;If so, DO IT!
Keep documentation and keep communication clear to all parties involved and you WILL have a smooth sale! &nbsp;Good Luck!

You have a tenant in place and have decided to sell your property. &nbsp;This is great news! &nbsp;Luckily, as a SC Realtor I get questions a lot when selling long term rental property. &nbsp;Long term meaning: “month to month rental” or “annual rental”.
What do I do to sell my property with a tenant in place, you ask?
Below are commonly asked questions, SC tenant laws and the steps to take to ensure a smooth sale. &nbsp;All while your tenant is still in place! &nbsp;So you do not lose any of that great rental income! &nbsp;NO MONEY LOST, ITS A WIN WIN!
Below are commonly asked questions,...

Your Rights As An Owner To Sell With A Tenant In Place

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