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Our tenant signed a one-year lease on our house in Ohio. After living in the house for a few days, he decided to terminate the lease because he did not like the noise (house located on a busy street). He has moved to another house and understands that he must continue to pay rent on our house until it is re-rented. We have spent about 3 weeks trying to find a renter. We have documented all of the inquiry calls we have received, as well as the showings. The tenant is getting nervous that we have not found a renter yet.
We are relocating out of state and now we want to sell the vacant house in Ohio. We know it's a slow market, but we are willing to price the house very aggressively in order to get it sold. Is it okay for us to put the house on the market? We will continue to post the house for rent while we are trying to sell it. If we sell the house, at what point does the former tenant stop paying rent?
We would greatly appreciate any help or advice you can offer us! Thank you.
Our tenant signed a one-year lease on our house in Ohio. After living in the house for a few days, he decided to terminate the lease because he did not like the noise (house located on a busy street). He has moved to another house and understands that he must continue to pay rent on our house until it is re-rented. We have spent about 3 weeks trying to find a renter. We have documented all of the inquiry calls we have received, as well as the showings. The tenant is getting nervous that we have not found a renter yet.
We are relocating out of state and now we want to sell the vacant house in Ohio. We know it's a slow market, but we are willing to price the house very aggressively in order to get it sold. Is it okay for us to put the house on the market? We will continue to post the house for rent while we are trying to sell it. If we sell the house, at what point does the former tenant stop paying rent?
We would greatly appreciate any help or advice you can offer us! Thank you.
What does your lease actually say? And, more importantly, what does your attorney say? I do not know OH law, and if I did, I couldn't give advice in the abstract, and absent of relevant facts and information. Speak with a local attorney. Good luck.
If the home is sold and the new owner wants to move into it not rent it out it will not longer be vacant, then the tenant would stop paying rent just as they would if your rented to someone else. In most cases such as this, once a contract is signed, the previous tenant quits paying rent as of that moment the home is no longer on the market to rent. Tenant cannot be charged once the home is off the rental market. The exception is if the new owner was buying it as a rental, and any rent the old tenant paid for rent would go to the new owner not the old owner until sold at time of closing.
If the home is sold and the new owner wants to move into it not rent it out it will not longer be vacant, then the tenant would stop paying rent just as they would if your rented to someone else.
In most cases such as this, once a contract is signed, the previous tenant quits paying rent as of that moment the home is no longer on the market to rent. Tenant cannot be charged once the home is off the rental market. The exception is if the new owner was buying it as a rental, and any rent the old tenant paid for rent would go to the new owner not the old owner until sold at time of closing.
And this the law for Ohio because it doesn't work this way in Florida.
If a home is sold while occupied by a tenant, the new owner either waits until the lease expires and doesn't renew or offers the tenant 'cash for keys' after closing. What many buyers do here is they make it a stipulation of their offer that the seller will have the house vacant at closing...this way the new owner doesn't have to deal with the tenant at all.
The tenant can't just 'stop paying rent' because the house sold.
Our tenant signed a one-year lease on our house in Ohio. After living in the house for a few days, he decided to terminate the lease because he did not like the noise (house located on a busy street). He has moved to another house and understands that he must continue to pay rent on our house until it is re-rented. We have spent about 3 weeks trying to find a renter. We have documented all of the inquiry calls we have received, as well as the showings. The tenant is getting nervous that we have not found a renter yet.
We are relocating out of state and now we want to sell the vacant house in Ohio. We know it's a slow market, but we are willing to price the house very aggressively in order to get it sold. Is it okay for us to put the house on the market? We will continue to post the house for rent while we are trying to sell it. If we sell the house, at what point does the former tenant stop paying rent?
We would greatly appreciate any help or advice you can offer us! Thank you.
If the house sells the tenant no longer has to pay rent. I would have him sign an agreement to this just in case it messes things up for the new owner and he can't close or someone has to evict the person breaking their lease.
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