Can I Sell My Investment Property Mid-lease?
Can you sell a tenant-occupied property? The short answer is yes. The terms of the lease may have some bearing on how you go about the sale, but as it is your property, there is no legal reason preventing you from selling.
If your tenants are in a tenancy-for-years, which is an agreement for a fixed period—a year lease for example—then you may sell the property but only with the tenants still occupying the property according to the terms of the lease. Selling an occupied property may have a negative impact on the price of a single-family home or condo, but it may also positively affect the price of a duplex or other multifamily property. The only way to get the tenants to leave before their contract term is up is to have them agree to it in writing.
If your tenants are in a periodic tenancy, one without a specified term (think month-to-month) then you must follow the state and local jurisdictional rules regarding notification terminating the lease if you want to move forward with a sale of a vacant property. In California, you must give 30 or 60 days depending on if the tenant has been there for under or over a year.
Contact 24 Hour Property Management, Inc.
If you any questions about how 24 Hour Property Management can help you buy or sell a property that is tenant occupied and how to negotiate things like staging and showings, please contact us so that we can answer your questions and advise you. You can reach us seven days a week at 949-409-8585 or you can check us out on the web at 24hourpm.com.