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Updated 9 months ago,

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Michael McManus
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Early Termination of Tenants' Lease

Michael McManus
Posted

Due to an illness in the family we need to terminate the lease on our rental property early in order to sell the property; the lease expires in January 2025.  Our tenants have been in the house the past 3 years; they're good tenants and people, and we want to do right by them while also meeting our own needs at this time.

My first option is to approach the tenants and see if any of them want to purchase the property; that would probably be the smoothest exit for us.  That option feels like it will be trying to thread a small-eyed needle.  

Another angle is to try to use our network to find someone to purchase the house, honor the lease to expiration, and then the new owner can move into the home or do whatever they want with it. This options feels like it would be a lot of work on our end.

What are some other approaches landlords have taken in situations like ours?  

If the tenants aren't willing/able to purchase the property my hope is that they'll agree to an early termination date of July 1 or August 1.  That should give them enough time to find a new living situation, in my opinion.  

What else am I not considering?  What other approach can I consider?

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