Generally speaking leases stay in place whenever you sell a property in Oklahoma. The exception to this would be if they were on month to month leases. The new owner has to honor any existing leases that you have in place.
Also, to make your life easier when you do list it, you'll want to have copies of leases, applications, and tenant payment history on file because most diligent buyers are going to want to review this info during their due diligence period. With the latest and greatest eviction moratorium, people are definitely going to be doing more homework on properties with tenants in place.
@Timmy Riggs I'm not a legal expert and this is not legal advice, but yes they will have to honor the lease unless there is a clause in the lease agreement regarding termination in the event of sale. A quick google search will bring up a ton of info (mostly aimed at helping renters).
Generally speaking leases stay in place whenever you sell a property in Oklahoma. The exception to this would be if they were on month to month leases. The new owner has to honor any existing leases that you have in place.
Also, to make your life easier when you do list it, you'll want to have copies of leases, applications, and tenant payment history on file because most diligent buyers are going to want to review this info during their due diligence period. With the latest and greatest eviction moratorium, people are definitely going to be doing more homework on properties with tenants in place.
Generally when a property sells with a tenant in place the person buying it wants to buy it because of the tenants in place (unless it's a rehab or something).
The transition typically goes much smoother if you're straight up with your tenants. We see things get a little wild when landlords are not truthful about the sale and/or expectations.