On This Page
Current Nevada Law: Subject to Verification
Nevada landlord-tenant law (NRS Chapter 118A) and applicable lease terms change and depend on the specific facts. For termination, eviction or possession questions, refer to current Nevada law and qualified legal counsel. Nevada law addresses transfer of security deposits and post-sale notice to tenants after ownership changes. Nothing in this article is legal advice.
First: Read the Lease
Before Lisa markets the property, know:
- Lease term
- Monthly rent
- Security deposit
- Expiration date
- Renewal terms
- Tenant obligations
- Landlord obligations
Buyer Type Changes the Strategy
Investor Buyer
A good tenant can be an asset. An investor may like immediate rent, documented payment history, and an existing lease.
Owner-Occupant Buyer
Existing tenancy can be a complication because the buyer may want to move in. Do not promise vacancy without understanding tenant rights and contract timing.
Showings
Tenants are still occupants. Showing access must comply with applicable Nevada law and the lease.
A hostile tenant can make marketing miserable. A cooperative tenant can make it smooth. Communicate early.
Security Deposit
Nevada law addresses the seller and landlord's responsibilities concerning tenant security deposits when property ownership transfers. This needs to be part of closing, not an afterthought.
Should You Wait Until Lease Expires?
Maybe. Compare selling occupied, which draws the potential investor pool, against selling vacant, which can draw a larger owner-occupant pool and easier showing.
Which produces more value depends on the rent, the lease, the property condition, and the market.
How Lisa Helps
Lisa can help position the property for the buyer most likely to value the existing tenancy instead of treating the tenant as a nuisance.
Important: Tenant Rights Continue After a Voluntary Sale
Important
DO NOT CLAIM "THE BUYER CAN JUST GIVE THE TENANT 30 DAYS." That is dangerous generic advice. Nevada law currently provides that after a voluntary sale, absent an agreement to modify or terminate the tenancy, the new owner assumes the previous landlord's rights and obligations under the existing rental agreement and the tenant's rights and obligations continue. Nevada law also addresses transfer of the security deposit and requires specified post-sale notice from the new owner. For termination, eviction or possession questions, refer to current Nevada law and qualified counsel.
