Observe legal regulations
When selling rented real estate, the following applies: buying does not break rent. This means that you cannot give notice to your tenants. Instead, the new buyer takes over the lease on unchanged terms. However, if the purchaser has a justified interest in moving into the apartment himself, he can declare his own need after the purchase and thus terminate the tenancy.
Be sure to take into account the tenant’s right of first refusal determined in accordance with Section 577 of the German Civil Code (BGB). This applies if the rental property was converted into condominium ownership during his rental period and is now being sold to a third party for the first time. To do this, you present the contents of the contract, including the purchase price, to the tenant, who then has two months to think it over. If, on the other hand, you sell to a family member, there is no right of first refusal for your tenant.
Inform your tenants and community of owners
Whether or not there is a right of first refusal, in some cases, selling the property to your tenant may be the ideal solution, as you already know the buyer and the sale time is significantly reduced. The same applies to the owners’ association, which you must also inform about the sale. In any case, give your tenants at least 24 hours’ notice of future viewing appointments.
Special features of marketing
Rented properties usually appeal to a different target group than houses and apartments without tenants. Therefore, focus your exposé primarily on investors and capital investors. Do not only state the purchase price, but also include a calculation of the return on investment and thus provide interested parties with suitable figures. In addition, prepare in detail for the sales and negotiation meeting.
Professional support for successful sale
We at WEISS IMMOBILIEN are your experts in Hamburg and the region, supporting you with our diverse services in the sale of your rented property. This way, you are safe from sources of error and place your property in responsible hands with a clear conscience. Please feel free to contact us.