As a landlord, you may want to sell the property that you have initially let or rented to someone. Your reason could be anything – maybe you need the cash, cut your losses or you just want to move to another city or state, making this whole landlord business difficult to pursue. Whatever your reason is, make sure that you provide notice of your intention to sell the rented property – to the tenant.
While it is your property that we are talking about, the tenant has the right to know that you want to sell it off. Of course, if you have decided to sell it off, you will be showing the property to prospective buyers, making the process uncomfortable for the tenant if he doesn’t know why strange people are doing a run of his house. But the main reason behind providing a notice is letting the tenant know of your intentions to sell – and that is his or her right to know.
In your letter, chart out why you want to sell. Even though the why part isn’t necessary, it is only polite to do so. Also provide a timeline for when you expect the property to be sold – make sure this timeline is in sync with the notice period that you have already promised in a tenancy agreement. Here is a sample for you to go through:
586 Rose Street
Bismarck, ND 23220
Tel: (000) 444-1254
October 6, 2016
Mr. Lee Warren
5 Regina Road
Bismarck, ND 58525
Dear Mr. Warren:
This is with reference to 5 Regina Road, Bismarck, ND, that you have rented from me since January 2015. I would like to inform you that I have decided to sell this house, in hopes of generating enough capital to start my own printing business.
As you are aware, I have been aspiring to buy a small printing concern for years, and have been unsuccessfully trying to raise money for it. The only way that I can make this dream come true now is if I sell this house.
As per our agreement, I am providing you with a 2 months’ notice of my intention to sell the said property. My property agent has assured me that I will be able to sell it within this time too, which is a great relief. During these two months, I might have to inconvenience you a few times, as prospective buyers will want to see the premises. However, I will make sure that your availability is determined before a buyer is shown the house, to minimize your inconvenience.
I would like to thank you for being an ideal tenant and not ever giving me a chance to complain. I hope we remain in touch.