Knowing whether you can sell a rented apartment and how to do it while avoiding conflicts with tenants is a common question among homeowners. Firstly, you need to know there are no problems with carrying out the operation. However, the Ley de Arrendamientos Urbano (Urban Leasing Law) includes some essential aspects one should consider.
How to sell a rented apartment
The simplest thing is to negotiate with the tenant to terminate the rental agreement before starting with the selling. The drawback is that the tenant should obtain a compensation in exchange. If not, the sales process must include two essential actions.
Notify the sale to the tenant
Informing the tenant is the fundamental prior step. It is advisable to do it in writing and through burofax, detailing everything related to the operation: price, date of sale and conditions.
The Urban Leasing Law grants the tenant the so-called right of first refusal. Consequently, they have priority purchasing the home under the same conditions offered to other potential buyers. As a result, if the tenant has not responded within 30 days, it is understood that they have no intention of buying. Therefore, we'll be able to list the home without any inconvenience.
Nevertheless, we recommend checking the rental agreement. In some cases, it may include the express waiver of the right of first refusal. In others, the oldest ones, the regulations established the opposite: that right is mandatory.
Meanwhile, there are two exceptions in which this right does not apply:
• The owner sells several properties in the same building to a single buyer.
• An entire building from several owners is sold to the same buyer.
Reporting the intention to sell a rented home is basic for another reason. If we don't communicate it, the tenant may cancel the sale. In like manner, the tenant may revoke the sale if we carry it out under different conditions from those we previously notified.
Notify potential buyers that this is a rented home
When selling a rented apartment, potential buyers must know its situation. The new owner will be obliged by law to respect the rental contract until it ends.
It is also advisable to inform those interested in purchasing the home of other issues related to the rental contract (completion period, price, whether it is registered with the corresponding autonomous body, etc.) and compliance with it by the tenants. It is even possible for the buyer to request a copy of the rental contract to evaluate whether or not they are purchasing the home.
Some tips when selling a rented apartment
To sell the property without problems, it is worth not forgetting some tips:
• Comply with the requirements of the law and the deadlines provided therein.
• Read carefully the lease agreement before making any decisions.
• Maintain a fluid relationship with the tenant. In case they waive the right of first refusal, it'll be fundamental that they collaborate by allowing the owner to show the home to potential buyers.
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