I have a house that is currently under lease for 6 more months to a tenant on section 8. I just put the house on the market but am wondering what would happen if someone wanted to purchase the house as a personal property not a rental. Are there any special circumstances the I need to be aware of would the new purchaser have to take over the lease contract, would I need to give a certain amount of notice to the renter and so on. Never sold a house like this before any input would be greatly appreciated.
There are no special additional measures to consider when selling a property with a Section 8 tenant over a regular tenant. A couple things to consider when selling an occupied property are:
-Most places/times, if there is a tenant in place with a lease, the full lease term must be honored by the purchaser, unless there is mutually agreed upon cancellation of the lease or there is an early exit clause of some sort in the lease. That can obviously turn off someone looking to by a residence if the lease term extends long into the future.
-If you only have a rental agreement (month to month), the agreement remains in place until you or the tenant give appropriate notice to terminate the agreement based on your local laws. That means if you have a close date, you can give notice (provided its far enough in advance) for the tenancy to end when the sale closes and allow your purchaser to move in. You can also end the tenancy ASAP to attempt to make the property more attractive to potential owner occupants.
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