Hey, I’m selling my rental properties with tenants still in it. Other than what the contract already says about tenants being fine with any changes of ownership, should I still state that their is a new owner through a different document, if so what kind?
Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
6y
I would imagine the new owners will reach out to let them know where to pay the rent, since it will no longer go to you.
If you want, send them a letter letting them know when your ownership will cease and that the new owner will reach out with the information on new management, etc.
Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
6y
Some states may have a formal document that you can look up, but I don't know of anything off the top of my head. When we recently purchased a home with tenants in place, the former property manager sent a typed up letter that essentially said effective this date, the property has been sold to a new owner and will no longer be managed by said company. Your deposit and pro-rated rent has been transferred over to new owner along with all lease documents. Your current lease will be honored through x date. New owner and/or property manager will be contacting you with info on where to send all future rent payments.