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It is completely feasible to sell a property currently under rental . However, it is imperative to keep certain key points in mind to ensure a smooth process.
How to proceed with the sale of a rental property
As real estate experts with a solid track record, we are pleased to offer you a comprehensive guide on how to proceed with the sale of a rental property, covering everything from legal aspects to practical tips for finding the ideal buyer.
Fundamental legal aspects
The first step is to familiarize yourself with the relevant legal aspects. The Urban Leases Law (LAU) regulates these transactions and establishes crucial points:
- The owner has the right to sell the property at any time during the lease.
- The tenant has the right of first refusal, which gives him the possibility of acquiring the property before other interested parties.
- The owner must notify the tenant in writing of his intention to sell at least two months in advance.
- If the tenant does not exercise his or her right of first refusal, the lease continues with the new owner.
Impact of the sale of a rented property on the tenant
The sale of a rental property can affect the tenant in several ways:
Change of landlord
The tenant will begin making rent payments to the new owner.
Purchase opportunity
The tenant has priority to acquire the property before other potential buyers.
Termination of the contract
In certain cases, the new owner may be able to terminate the lease if he or she needs the property for personal or family use.
Useful tips for selling a rented property
If you are considering the sale of a rental property, here are some practical tips:
- Communicate your intention to sell to the tenant well in advance to allow for a smooth transition.
- Offers the tenant the option to purchase the property, which could speed up the sales process.
- Be transparent with potential buyers about the status of the rental and the conditions of the contract.
- Look for buyers willing to purchase a property with tenants, which can make the process easier.
Advantages and disadvantages of selling a rented property
Advantages of selling a rented property
- Passive income: Renting provides a constant source of income.
- Reducing the risk of non-payment: By having a tenant, the risk of non-payment of the mortgage is minimized.
- Greater stability: Selling with a tenant provides a safer and more stable operation.
Disadvantages of selling a rented property
- Limitations on selling: It can be more challenging to find buyers willing to purchase a rental property.
- Possible problems with the tenant: There is a risk of facing problems such as non-payments, property damage or neighborhood nuisance.
- Greater complexity in the transaction: The sale of a rental property can be more complex due to the rights of the tenant.
In conclusion, selling a rental property is possible , but requires meticulous attention to the legal and practical aspects involved. If you are considering this option, at ART Inmobiliaria we offer you our professional advice so that you can make the best decision. We are here to help you every step of the process.
Contact us , we will be happy to help you!
