During the spread of COVID-19, landlords have had to make difficult decisions when selling tenant-occupied property in Indiana and Illinois. Why is this? Whether it is because of financial restraints or problems with current tenants, they have financial goals to make for themselves. Moreover, the restrictions placed from the National Eviction Ban presented even further monetary losses in these regions as well.
When more landlords look into selling a property with tenants, whether it is a four-story building or any other structure, this presents an opportunity for investors to get more for their buck from this consumer market. However, to purchase a property in Indiana and Illinois, there is a tedious process involved, including landlords showing the property to buyers for a potential sale. But, particularly during the COVID-19 pandemic, as stated by The Real Estate Council of British Columbia, all parties involved, including tenants, have rights and expectations for one another.
As landlords give potential buyers a tour around the property, landlords, tenants, and buyers have to respect any rights or demands they have for each other, because these expectations allow for a harmonious interaction without any possibility of legal action being taken against one another.
What Buyers and Landlords Must Keep In Mind
One part of the sale negotiation process that potential investors need to consider is the lease documents. They should do so because it allows them to, as stated by Investopedia, “know what [they’re] getting into and so [they] can ensure that the lease is well-written and structured to follow local rental laws.” Additionally, this article goes on to explain that, “the tenant has a legal right (in most cases) to occupy the home for as long as the lease is active, regardless of who owns the home.” This protects tenants from any illegal evictions when a buyer purchases the property.
As for landlords that sell property with tenants, prior to showing a buyer the building, as stated by The Real Estate Council of British Columbia, they must “let the tenant(s) know that proper notice for showing will be served to enable access, as per the Residential Tenancy Act.” This notice must be given to the tenant twenty four hours before the landlord shows the property to the potential buyer.
What Tenants Must Know About Their Role in This Process
Before the landlord and investor view a unit, tenants can be expected to make sure their space is clean, tidy, and even sanitized. That way when the landlord shows the buyer around the living space, the unit looks appealing and ready for a new tenant. Also, all tenants of the unit being viewed must be free of any COVID-19 symptoms to prevent the seller and buyer from being exposed to it during the tour. If anyone shows symptoms, they must notify their landlord immediately.
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