Legal Question in Real Estate Law in Virginia
Selling a rental property before tenants lease expires
I hired a Prop. Mgr. to manage my rental upon relocating to another state. The tenants that were procurred by this Mgr. have been in the home for about 2 years. I would now like to place this house on the market(after 5 years of owning the home to avoid the capital gains tax). One of my problems is that the tenant's lease will not expire until 10/01/03. Do I have to wait unil the lease expiration to sell my house or can I do so now? If I can sell now, what obligations do I have to the tentants and to the property mgmt. co?
The other issue is that, in my contract with the Prop. Mgr., I signed under the agreement that if I decide to sell, I give him 90 days to do so. Is this 90 days after the tenants leave only or can the 90 days begin if I try and sell before the lease expires?
In reviewing the contract between myself and the Prop Mgmt Co., I have very little control over my own asset. I would like to know my rights as an owner/landlord when tenants Prop. Mgmt. Co.'s are in the mix.
Thank you for your assistance.
1 Answer from Attorneys
Re: Selling a rental property before tenants lease expires
If you sell(which you certainly can do) the property prior to the expiration of the current tenants' lease on 10-1-03, the buyer and new owner will take title to the property subject to the terms of this lease.
Regarding your contract with the property manager
(or property management co.), I would have no
idea either what your rights are or your obligations may be without actually being able to review the terms of this agreement which, unfortunately, remain obscure in your question.
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