Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
4y
While the above letter is great I would add what is likely to be the most concerning thing for your tenant and that is their rights. Odds are the buyer will want them to stay and the buyer will have to honor the existing lease agreement through the end of the term. Help settle their nerves a bit about what this all means to them. To most of our tenants when a home is sold it means nothing as the new owner just takes over the lease and wants them to stay.
Take the time to let them know how this will affect them.
New to Real Estate · NY · Member since 2020 · 196 posts · 29 votes
4y
Notifying tenant of sale
Dear Tenant,
I wanted to inform you that we will be selling 123 Straight Street. We intend to list it with ABC Realty on January 1, 2022. Please note the following:
We will give you 24 hours advanced notice of all showings. If you are willing to show faster, that would be appreciated.
When a showing is scheduled, we prefer you leave the property so potential buyers can view and talk without interruption. You can step outside, go for a walk around the block, sit in the car, etc. Any animals should be crated or removed from the property.
Hide or remove valuables, weapons, prescription medications, or anything that someone may be tempted to steal
Your lease transfers with the sale. This means the buyer cannot force you to leave prior to [termination date]
If you have any questions or problems during this process, please reach out to me at [contact information]
Sincerely,
The world's greatest Landlord
Got this from Nathan G, one of the goats on this site.
Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
4y
While the above letter is great I would add what is likely to be the most concerning thing for your tenant and that is their rights. Odds are the buyer will want them to stay and the buyer will have to honor the existing lease agreement through the end of the term. Help settle their nerves a bit about what this all means to them. To most of our tenants when a home is sold it means nothing as the new owner just takes over the lease and wants them to stay.
Take the time to let them know how this will affect them.