Notice to Tenants
- Thread starter JDaley
- Start date
- Joined
- Aug 30, 2007
- Messages
- 13,881
QUOTE (JDaley @ Dec 22 2009, 03:59 PM) Hi there,
I just sold a property, the closing date is the first of February. How much notice should I provide to a tenant that the home has been sold. The home was not listed on the MLS, it was sold privately.
Feb 1 or ANY 1st of the month is a bad date to close !!
Option 1: Tell him a few days before so he can make out his cheque to the new owner .. but closing might be late !
Option 2: Best might be FOR YOU (as the seller) to collect Feb rent .. and then tell him early Feb .. rent will be adjusted through lawyer !
I just sold a property, the closing date is the first of February. How much notice should I provide to a tenant that the home has been sold. The home was not listed on the MLS, it was sold privately.
Feb 1 or ANY 1st of the month is a bad date to close !!
Option 1: Tell him a few days before so he can make out his cheque to the new owner .. but closing might be late !
Option 2: Best might be FOR YOU (as the seller) to collect Feb rent .. and then tell him early Feb .. rent will be adjusted through lawyer !
QUOTE (ThomasBeyer @ Dec 22 2009, 05:03 PM) Feb 1 or ANY 1st of the month is a bad date to close !!
Option 1: Tell him a few days before so he can make out his cheque to the new owner .. but closing might be late !
Option 2: Best might be FOR YOU (as the seller) to collect Feb rent .. and then tell him early Feb .. rent will be adjusted through lawyer !
Choosing a date to maximize cash flow (e.g, Feb 5) only applies when buying (ie., when you`re the buyer), there`s no advantage to a closing sooner or later when you`re the selller. But thank you anyway, it doesn`t look there`s any legal issues I need to worry about.
Option 1: Tell him a few days before so he can make out his cheque to the new owner .. but closing might be late !
Option 2: Best might be FOR YOU (as the seller) to collect Feb rent .. and then tell him early Feb .. rent will be adjusted through lawyer !
Choosing a date to maximize cash flow (e.g, Feb 5) only applies when buying (ie., when you`re the buyer), there`s no advantage to a closing sooner or later when you`re the selller. But thank you anyway, it doesn`t look there`s any legal issues I need to worry about.
QUOTE (JDaley @ Dec 22 2009, 09:31 PM) Choosing a date to maximize cash flow (e.g, Feb 5) only applies when buying (ie., when you`re the buyer), there`s no advantage to a closing sooner or later when you`re the selller. But thank you anyway, it doesn`t look there`s any legal issues I need to worry about.
My impression of Thomas` note was that he might have been more concerned with reducing any speedbumps in the flow of rent cheques, rather than any cash flow advantage due to timing. Announcing a change of ownership before collecting `your` last rent cheques might not work out to your advantage. I might not have accurately represented his thought but for what its worth; there you go.
My impression of Thomas` note was that he might have been more concerned with reducing any speedbumps in the flow of rent cheques, rather than any cash flow advantage due to timing. Announcing a change of ownership before collecting `your` last rent cheques might not work out to your advantage. I might not have accurately represented his thought but for what its worth; there you go.
QUOTE (RCrein @ Dec 22 2009, 08:19 PM) My impression of Thomas` note was that he might have been more concerned with reducing any speedbumps in the flow of rent cheques, rather than any cash flow advantage due to timing. Announcing a change of ownership before collecting `your` last rent cheques might not work out to your advantage. I might not have accurately represented his thought but for what its worth; there you go.
I agree, and I was planning to collect the last check before informing the tenants. Thanks you
I agree, and I was planning to collect the last check before informing the tenants. Thanks you