Is your landlord considering selling the apartment you are renting? Would you like to buy the property you are renting? Can you remain in the property as a tenant if your landlord sells? How can you submit a purchase offer if you are interested in the property? Answers to the most frequently asked questions regarding these situations!
Selling a property with a tenant in place: the possibility of staying as a tenant
If your landlord decides to sell the apartment you are renting, don’t worry: it doesn’t necessarily mean you’ll have to find a new home. Landlords may wish to sell for various reasons (to free up capital, reinvest elsewhere, or save time by ending property management tasks, etc.).
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Generally, landlords advertise properties for sale with a “tenant in place.” This means that you will have a new landlord, but you can continue renting the property without significant changes for you.
The new owner may decide to undertake renovation work, but these are typically beneficial for tenants as they enhance the property’s value.
Buying the property you rent: it’s possible!
If your landlord has shared their intention to sell the property you are renting, and you’re interested in purchasing it, start a dialogue with them. Most landlords are likely to be open to your proposal.
Selling a house or apartment takes time and effort. When the buyer is already living in the property, some steps become much simpler. No need to organize viewings, and concerns about hidden defects are greatly reduced.
Submitting a purchase offer
Like any property purchase process, start by submitting a purchase offer to your landlord. First, ask them at what price they intend to sell the property so you can position yourself as effectively as possible.
At this stage, it’s wise to consult your bank to determine how much you can borrow and to clarify your budget. The more reliable and robust your financial proposal is, the higher the likelihood of your offer being accepted.
While calculating your budget, anticipate the additional expenses you will incur as a property owner: homeowner association fees, local taxes, and potential renovations.
Signing the sales agreement
Has your landlord accepted your offer? Great news! It’s time to sign a sales agreement with them. This document commits the landlord to selling the property at the agreed price under predetermined conditions.
A common clause in a sales agreement is the suspensive condition of obtaining a loan. This ensures that you are only committed to purchasing if – and only if – you secure a loan from the bank. This condition is a valuable safeguard, especially if you haven’t finalized your financial arrangements.
The authentic deed: the final step before your new life!
Once the sales agreement is signed and your loan is approved, you and your landlord will meet at the notary’s office to sign the authentic deed of sale, which legally formalizes the change of ownership.
The notary’s role is to ensure compliance with all legal requirements related to the sale. For example, they verify that the property is not encumbered by prior mortgages. The notary also handles administrative tasks, such as registering and recording the sale.
Once all these steps are completed, you’ll continue living in the same home, but now as its proud owner!
