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You inherited a rental property.
Congratulations, you may also have inherited a landlord relationship.
Before giving the tenant notice or promising the house vacant to a buyer, determine:
- Is there a written lease?
- What are its terms?
- What rent is being paid?
- What deposits are held?
- Who manages the property?
- What notices have already been given?
The Lease Does Not Necessarily Disappear Because the Owner Died
Existing tenancy rights can continue to matter.
Have appropriate legal or property-management professionals review the situation.
Sell With Tenant or Vacant?
That depends on the likely buyer.
An investor may value an existing reliable tenant.
An owner-occupant may want possession.
Showings Require Planning
Tenant-occupied listings need professional communication and compliance with applicable access requirements.
Do not create hostility unnecessarily.
A cooperative tenant can make the sale far easier.
Get the Records
Gather:
- Lease.
- Payment history.
- Deposit information.
- Maintenance history.
- Property management records.
This is useful for prospective investor buyers and transaction due diligence.
Important
Inherited rental? The investor view of selling with a tenant lives at the Investor Center, and rental-property law covers tenant-occupied listings broadly.