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Selling a Tenated Property



Selling a tenanted property can be a tricky proposition these days. When I get a phone call from a client wanting me to sell their tenanted property I have a quick list of questions that I ask to see how we want to go about it. In BC you cannot give a tenant notice to vacate until a firm offer is in place. Then you need to give him or her 2 clear months to vacate plus 1 months rent as compensation. The first question I ask is it a fixed term tenancy and if so when does it end? If it's ending soon... great let's wait until just before the tenancy ends and we'll list it. If it doesn't end for a while or it's a month to month we have to look at plan B. I suggest we use a form called a "Mutual Agreement to End Tenancy". This is where you sit down with your tenant and explain you are going to be selling the unit. Have a conversation something to the effect as...."If we can agree on a date to vacate that is good for both of us I will give you the 1 month rent you are entitled to under the BC Tenancy Act and I will give you an extra bonus month of rent for being flexible and signing this agreement." It's really a win win situation. The tenant is happy to get the extra money and now you have an empty apartment that's easy to show and that gives the potential buyer a definitive closing and possession date. This makes for a much easier, quicker sale and usually for more money than trying to sell with a tenant still in the unit. Especially if the tenant is not that co-operative about letting it be shown. In my opinion that extra 1 month rent you pay out is well worth it.

This entry was posted on June 5th, 2012 by Owen Bigland | Posted in Video Blog

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Selling a Tenated Property

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: 604 889-1118
: owen@owenbigland.com

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