Occupied buildings sell every day
Multifamily buyers are buying income, so tenants are generally a positive. In Texas, existing leases typically continue after a sale and the new owner takes over as landlord.
Minimizing disruption
In a private sale, tenants often don't need to know until inspections. Provide notice as required by the lease and Texas law before entering units, and schedule access in batches to limit disruption.
Deposits and rent
Security deposits are transferred or credited to the buyer at closing, and rent for the month of closing is prorated. Accurate records of deposits and delinquencies make this simple.
Problem tenants
If you have non-paying tenants or an ongoing eviction, disclose it. Some buyers are comfortable taking over those situations; it will be reflected in terms.
This guide is general information, not legal, tax or financial advice. Talk to your own advisors about your situation.
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