Excited to be joining this "big" family. I am a newbie.
Have a question to ask for your help -
(1) When my lease expires on my rental property and I decide to sell, what would be the process?
(2) Will tenants be willing to "end" the lease (when expires) if I am to sell and not going to renew the lease, that is, continuing renting the unit to them for another year?
(3) Is there a law that landlord has an obligation to pay out money (to compensate renters) to have renter leave?
If the lease is expiring, then you would just give them notice that you intend to sell and the lease will not be renewed. The timing of the notice to them will depend on what your lease agreement states. It should not matter if they are willing to end the lease if the lease is ending contractually anyway. There is no compensation required if the lease is coming to its natural conclusion. You will also need to determine if you plan to show the property to potential buyers during the transition period leading up to the lease end and if your lease allows for it. Some leases require tenants be cooperative with showings for the purpose of sale, but not all of them are, especially if they are forced to relocate due to a non-renewal. Some owners decide to wait until the tenant vacates to clean, make needed repairs, and prep for showings, which is sometimes easier. All of this is predicated on what is outlined in your lease and the laws of your state.
Congrats on joining the family! A couple of things:
Everything depends on the terms of your lease agreement. Sometimes after the lease expires, a tenant has the right to continue living there on a month-to-month basis. Something after the lease expires, there is no renewal. Do you know what the lease agreement says?
Depending on the state of your property, you can give them a notice to vacate (usually a 30 to 60 day notice telling tenants they need to leave) BUT remember that it's COVID, meaning that tenants can decide to stay there if they want to and you won't be able to do anything. Read up on your local laws regarding landlord and tenant relations.
Legally, you do not have to pay tenants anything when they leave. But sometimes to make things go a bit faster and smoother, you might want to ask them what they need to get moving? Whether it be movers or a u-haul truck, offer your tenants some help to make everything go as smooth as possible. It can cost you a few hundred dollars but it will save you a lot of headache!
Finally, approach your tenants in a nice and professional manner. At the end of the day it is their HOME, so try to be as accommodating as possible.
Forget to mention my property is in CA. So, does CA require landlord to provide “compensation” for each tenant in the household in order for me to sell at the end of legally contracted lease expires?