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Summary: Renting out a home that is on the market to sell is best done with a month-to-month lease, where tenants are given a 30-day notice to vacate the property when the house sells. Provide a fair environment for both rental tenants and home buyers with advice from an experienced real estate broker in this free video on real estate.
Penny Smith has been in real estate for more than 14 years. She has a degree in architectural design and has received buyer and seller associate training, as well as CMA Training. She...read more
"Hello. My name is Penny Smith. I'm a licensed real estate broker in North Carolina, and today I'd like to talk to you about how to rent out your home that you're trying to sell. If you're selling your home, and you're doing a rental on it, I highly recommend that you do a rental that's a month to month. If you do rent your home as a lease, a twelve month lease or a six month lease, then the new home buyers will have to honor that contractual contract and will have to keep those tenants in place through the lease. That's going to eliminate some buyers for you. So if you do a month to month, then that contract, they can be given a thirty day notice and they have to vacate the property, depending on what the buyer's requirements are. Or the buyers can pick up that month to month, and keep them in the property if that's what their intention is, is to buy investment property. So it's my recommendation that if you do have to rent the home during the time that you are trying to sell, that you certainly do not limit yourself with buyers by having a lease in place, but have a month to month. And that's my recommendations on how to rent your home while you're trying to sell. Thank you."
eHow Article: How to Rent Out a Home That You're Trying to Sell
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