Whatshot

2025
2024
June
April
2023
March
2022
2021
2020
March
February
2019
December
November
October
September
August
July
June
May
April
March
February
2018
December
November
October
September
August
July
June
May
April
March
February
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013
December
November
October
September
August
July
June
May
April
March
February
January
2012
December
November
October
September
August
July

What to know about buying a tenant-occupied property

What to know about buying a tenant-occupied property

Author: Pranil Maharaj
Date: 2017-05-26

You have been looking for the ideal property to purchase for months and finally find it, but there is a catch - there is a tenant who is currently renting the property. What now

Because the lease agreement is legally binding and was in place before, it stands - regardless if the owner of the home decides to sell.

The lease agreement goes with the home. Essentially, this means that purchasing the home automatically makes the new owner a landlord, whether they planned to be or not.

If the property is being bought as an investment or as part of a rental portfolio, the fact that the home is occupied might be seen as a drawcard.

However, if the property has been purchased as a primary residence and the new owner intends to live there, it could be a problem.

If all goes according to plan, the new owner will only have to wait until the lease expires to move into their new home.

If possible, before purchasing the property, it is advisable to speak to the tenant and see what their intentions are, as this could save both time and money in the long run. A communicative, obliging tenant will make the process far smoother and pleasant.