Tip of the Month - November 2009
Showing Property to Prospective Buyers
Source: Every Landlord’s Legal Guide-9th Edition
By Marcia Stewart
Attorneys Ralph Warner & Janet Portman
You may show your property-whether
apartments in a multiple-unit building, a rented single-family house,
or a condominium unit-to potential Buyers or Mortgage Companies.
Remember to give the required amount of notice to your Tenant. It
is also a good idea to tell the Tenant the name and phone number of the
Realty Company handling the property sale and the particular Real
Estate Agent or Broker involved.
Problems usually occur when an overeager Real Estate Sales Person shows
up on the Tenant’s doorstep without warning, or call on very
short notice asking to be let in to show the place to a possible
Buyer. In this situation, the Tenant is within his/her right to
say: “I am busy right now-try again in a few days after we have
set a time convenient for all of us.” Naturally, this type
of misunderstanding is not conducive to good Landlord-Tenant relations,
not to mention a sale of the property. Make sure the Real Estate
Sales People you deal with understand the law and respect your
Tenant’s rights to advance notice.
Tip from Crossett Real Estate Services
The above policies are
applicable for Landlord-Owners, Managers. It is also good policy
to request that someone, either the Tenant, or a representative of the
Tenant be present while showing the property OR have someone as a
witness having no interest or conflicts. If pets are an issue, advise
the Tenants that all pets must be secured while you are showing the
property. A 24 hour advance notice is reasonable: should be
understood in writing.
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This web page was updated on 11/05/2009.