Buying or selling a home involves a lot of things, it also raises questions. In this column ‘Ask Bob’, real estate expert/broker Bob Bartikoski of RE/MAX Paradise Homes Bonaire answers a real estate question from a reader. This time:
Question: I’ve decided to sell my home in Bonaire, how do I handle lease agreements and security deposits during and after the sale?
That’s a great question.
First things first. It is always important to have a written and signed lease agreement with your tenant, especially if you are thinking about selling your property.
If you are selling a property that is rented out, both you and the buyer are required to honor the terms of the existing lease. So if you have an existing lease with a tenant, you will need to disclose that to the prospective buyer during any negotiations to sell your property. It is also a good idea to inform the tenant that you are selling and ask them to cooperate with the broker showings.
If you do find a buyer for your house, they basically will have the following options:
• Purchase the Property with the tenant and existing lease contract.
In this case the original lease remains valid. The deposit amount and your prorated share of the rent is usually settled between the buyer and the seller when the deed is transferred.
• Purchase the Property without tenants and existing lease contracts.
If this is the case, you as the seller will need to negotiate with the tenant to arrange a move-out date that respects the legal notice period.
By approaching the sale thoughtfully and respecting the tenant’s rights, you can create a positive experience for everyone involved and ensure a successful property transition.
Hope this provides the insight you need! I’m here if you have more questions.
Do you want to buy or sell a house in Bonaire, or do have a real estate question for Bob? email him at: [email protected]. Call for free from the US: 1-866-611-7362 or Bonaire: +599-717-7362. See all our listings here.