Imagine you’re viewing a listing which is ideal for you. The only issue is the tenant currently renting the home! Although you’re concerned, the seller tries to reassure you that the tenant’s lease expires soon, and the property will be vacant well before closing.
Is that reassurance enough to confidently buy the home?
After all, you don’t want to show up with the moving van on closing day only to discover the tenant is still there and refuses to leave.
When considering making an offer on a home with a tenant, it’s essential that you do your due diligence. For example, request a copy of the lease so you can confirm the expiry and move-out date for yourself. You can also request a signed letter from the tenant confirming the move out date. If possible, chat with the tenant yourself. Get a sense of whether or not you should expect any difficulties.
It’s also a good idea to discuss the situation with your real estate lawyer before making the offer.
Keep in mind that people buy homes with existing tenants all the time. There are ways to navigate through the process successfully and end up with an ideal home.
