4 Steps for Selling your House with Tenants in Ontario
Do you own a house that you need to sell in Ontario that currently has tenants living in it? Talk about stress. On one hand, you probably don’t want to inconvenience the tenants, but on the other hand, you know you need to sell your houses as soon as possible. What are you supposed to do? In today’s article, we are going to cover a few critical steps for selling your house in Ontario with tenants. Before we start, let us warn you that these steps might be uncomfortable at times, however, we know they will help you and the tenants move on to the next chapters of life.
Let’s get started. Here are four steps to selling your house with tenants
Step #1: Have an open conversation with your tenants
Selling a home with tenants currently living in will most likely come as a shock to the tenant. The best advice we can give you is to start the conversation sooner rather than later. The tenants will most likely have questions. For example, “Why are you selling the home?” or What’s the timeframe to move?” Be sure to have the answers to their questions ready. There is nothing worse in this situation than for you, the homeowner, to be unprepared to help your tenants.
Step #2: Review legalities surrounding your lease agreement
One of the first things you should review is the legal lease agreement that you created and had your tenants sign. Take the time to research the laws in your region regarding the timeframe of notice you are required to offer your tenants. It might be worth waiting until the lease agreement is close to ending before selling your house. The course you can take—and when—will be influenced by the type of lease agreement you had your tenants sign. Here are two typical types of lease agreements and what normally should happen. (Be sure this is what is required by law depending on where you live.)
Month-to-Month Lease: Send a written and signed letter to your tenants making them aware of the date their lease will be canceled. Include a date they’ll need to move out of the house. In most regions, the law requires a 30-60 day notice period.
Fixed-Term Lease: In the case of a fixed-term lease, hopefully it includes an early termination clause giving you the right to cancel the agreement. If not, you might be stuck waiting for the lease agreement to be concluded.
Step #3: Create a schedule with your tenants to have buyers view the house
This step requires more communication between you and your tenants. We suggest making this step easy by having us, Lewis Brothers Properties, come visit the house only once. After our first visit, we will give you a fair offer within 24 hours. This is a quick way for you to sell the house quickly and not cause even more headaches and scheduling conflicts with your tenants. Creating a schedule with your tenants is just a good idea, trust us!
Step #4: Pay the tenants to move out before the lease agreement ends
This step should be used as a last resort. By following the three steps above, we hope that you and your tenants have come to a solid understanding. If that has not been accomplished, we suggest offering to pay your tenants to move out quicker. Why do this? You might be needing to sell your home in Ontario quickly due to financial burdens. Maybe, you have a buyer, like us, ready to buy your house NOW! Or, simply put, having the tenants out of the house will make it easier to sell the house.
In Conclusion
These are just a few steps you can use to sell your house in Ontario that currently has tenants. Be open and communicative with your tenants. This is paramount to making the transition work for both sides.
We buy houses! It’s what we do. If you need to sell your home in Ontario quickly and don’t want to wait in the traditional timeframes (30-60 days) we want to talk to you. Give us a call today and let us help you through the process of selling your home with tenants. (905-260-9779)
