When to advertise my rental property?

Question

This may sound like a silly question, but I'm curious if I can advertise my rental property for rent BEFORE closing on it? The actual possession of the tenant would not be until a couple of weeks after the closing. I'm in Texas and I'm wondering if there is anything legally stopping me from advertising a property that I have under contract to buy? Am I OK to advertise as long as I don't enter into a lease with the prospective tenant before the closing?

Are there any attorneys on here that can answer this for me? Thanks!

Are there any attorneys on here that can answer this for me?  Thanks!

Andy Bondhus · Answer

@Nancy DeSocio, thank you!  Our property is new construction so we're not looking to even show it until we close so there wouldn't be "putting anyone out" type of thing, for showings.  We are more interested in seeing what kind of interest we would have and if we can get someone who's time schedule matches up with our availability date so as to get someone in ASAP after closing.

Nancy DeSocio · Answer

Hi Andy,

We did this recently.  The seller agreed to let us advertise it, and his agent was incredibly helpful.  We did two group showings prior to closing, and the seller's agent came to unlock the property and then lock it back up when done.  If you can arrange it with the seller and agent, it's a great way to minimize the vacancy in advance.  Good luck!

Andy Bondhus · Answer

@John Underwood, that's what we were thinking also, just wanted to see what others thought too.

John Underwood · Answer

@Andy Bondhus I am not an attorney. I believe as long as you disclose what is going on you could pre-advertise the property. I'd also check with the current owner and make sure they are ok with it. Even better have this in your contract. You could also ask to lease property for $1 with rights to access. I wouldn't actually allow someone to move in or sign a lease till after you close.