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Nancy Young, Home Buyer in Summerland Key, FL

is it possible to give the tenants the first right of refusal and offer it to them and get them out if they don't want to buy it? thanks, Nancy

Asked by Nancy Young, Summerland Key, FL Mon Jul 16, 2012

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Jennifer the tenants are on a month to month lease. They can be removed with a 30 day notice.
0 votes Thank Flag Link Mon Jul 16, 2012
It is all a negotiation. Before they sign the lease, and they ask for the right of first refusal, you can agree to give them that right if they agree to getting out if they decline. Then write in the agreement (if they agree) that in the event they do not buy it, then they have 30 or 40 days to get out. But, if this property of yours is with a lease agreement already in place that does not specify when they leave after they decline the opportunity to buy, then go with something like Michael suggests. Incentives work well.
0 votes Thank Flag Link Mon Jul 16, 2012
You can offer the current tenant the right for first refusal with a time limit followed up by a contract, and deposit. The new owners are tied to the lease the tenants have, and of course could negotiate or just honor the terms.
0 votes Thank Flag Link Mon Jul 16, 2012
You certainly can offer them first right of refusal. If they do not agree to purchase, they have the right to stay until the end of their lease. What I have done in the past is to offer them an incentive such as one months free rent if they agree to move out with a 30 day notice. Get this agreement in writing.
0 votes Thank Flag Link Mon Jul 16, 2012
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