Selling house with renter

**mu_kat09** · 05-10-2012, 09:37 AM

I have a property which has a large shop building (1800 sq ft, two garage bays, small office, and bathroom) and ranch-style house (3 bed, 1 bath...putting in second bath) on about 5 acres. I have the house rented (probably a little cheaper than it should be). The shop is no longer rented. While advertising to rent it, I had someone ask if I was interested in selling. Depending on what we can work out, I'd be willing to get the shop surveyed off and sell it. He has, however, asked about the house too, saying he will let the renter stay. Can I put it in the contract that she can stay at the current rent for an indefinite amount of time? I'd love to get rid of the entire place, but she has been such a great renter that I'd hate to do something that would cost her the house. Additionally, anyone have any idea how much the shop building on two acres might be worth? It is located just south of Jefferson City, MO?

**Greg** · 05-10-2012, 01:28 PM

You need to look locally to find the value.

The new owner will have to honor the existing rental lease you have with the tenant, so put it in the lease. Make sure you have a legal lease before you do this.

**The Ed Hellmuth Group** · 05-10-2012, 03:46 PM

Even if you sell the property, the new owner still has to honor the lease agreement as long as it is an official document and not something scribbled on a napkin. You could put in into the contract that they can't raise the rent price on it but are you willing to risk losing the buyer for this?

Keith West - The Ed Hellmuth Group
Prudential Americana Group, REALTORS

Your Summerlin Home Expert serving the Greater Las Vegas Area since 2003.

**CC Lifestyle Realty** · 05-11-2012, 08:29 AM

If I was a buyer and you tried to get me to honor anything beyond the current lease then I would not touch the place unless I was investing and planned to rent it myself. Even then I would research and verify the rent was current market value.