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What do I do if an owner is selling their property in the middle of a lease?

Selling a property with a resident in place is a messy situation, especially if an owner wants to list on the open market and not just sell to investors. For this reason, we have a process to follow to make sure everything is handled appropriately.

  • Try to convince the client to list the property for sale with us through Roofstock to an investor. This is the cleanest way to handle a sale.
  • If the owner insists on an open-market listing, try to convince them to list for sale with one of our partnered agents (talk to the BDM for that property if you don't know who the local partnered agents are). Sales agents who we partner with are much more in tune with investment properties, property management, and the idiosyncrasies of sales with a resident in place.
  • If the owner refuses to list with Roofstock or one of partnered agents and lists with an outside agent, then inform the owner of the following:
    • They must notify any potential buyers that there will not be a security deposit transferred with the sale. The lease states that the security deposit will be returned to the resident in full upon sale.
    • The owner will owe early termination fees for the remainder of the lease unless they get the buyer to sign a PMA with us, so they should make retaining Revolution a condition of the sale in their sales contract. If the buyer keeps Revolution, then the owner will not owe any early termination amounts.

After the owner has a sales contract in place, you will need to get the information about the buyer and fill out this form to start the process for the transfer. Once that form is submitted, a process will automatically be created in LeadSimple to handle everything.