About the Selling a Rental Property in Crete article. The material contained in this article is provided for general information purposes only and does not constitute professional advice.
Think Crete Real Estate does not purport to be a subject matter expert with regard to this material, and you should conduct your own research and/or seek the advice of appropriately qualified professionals with regard to your specific circumstances before you proceed to a property purchase in Crete, Greece.
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Selling a rental property in Crete (and anywhere else) is sometimes a stressful event. When the property is rented either short or long term, everyone should understand their rights and responsibilities.
Property owners can sell their properties for many reasons. Some Brits in Crete are selling because of the BREXIT while others wishing to sell a particular property and invest their money in different real estate assets in Greece, UK or abroad.
However, vendors of such properties should always remember that the tenant has a tenancy agreement that gives them the right to live in the property.
Vendors must let tenants know they’re selling
If a vendor puts the property for sale, he/she should inform the tenant about that. They may also choose to let the tenant know in advance and ask them to accept viewings in their convenience. A tenant may not react well to a real estate agent and a potential buyer or buyers arriving without warning on their doorstep.
Consider meet the tenant in person so you can talk about your decision face to face. You can then also talk about access to the property and the property viewings. You might even schedule a time for the tenant to meet the real estate agent.
Access to the property
Vendors must get the tenant’s permission before a real estate agent or a professional photographer entering the property to take photos. However, it should be mentioned that not all the tenants allow any photographs of their personal possessions or in the indoor areas of the property. Instead, they can insist that the property be shown by appointment only.
Vendors must also get the tenant’s permission to access the property with a real estate agent and – or with a real estate agent or property valuer. You may also want to show through a registered valuer or building expert.
Tenants can’t unreasonably refuse access to the property, but they can set sensible conditions. They may:
- limit access to the property certain times of day and days of the week
- refuse open doors at the property
- ask to be present during property viewings or market appraisals checks
Tenants may not agree to open homes or auctions at the property.
If you’re a property owner must let tenants know you are selling. You will need the tenant’s permission to proceed to property viewings for specific dates and times.
Dialogue and cooperation are important. Once everyone’s agreed to a schedule of access you can proceed to the next stage of the selling process.
When the property is sold
The vendor must tell the tenant who the new owner is. Also, the vendor is responsible to provide the new owner with a copy of the tenancy agreement. The buyer then becomes the new vendor for the rest of the fixed-term period.
Ending a tenancy if the property is sold
Regularly when a rented property is sold, the tenancy continues with a new vendor. However, in some circumstances the new owner may need to put the property off the market.
If this happens, a condition of sale will be ‘vacant possession’. This means that the property has to be empty by the time the sale process begins.
If the property is rented for a fixed-term, the property must be sold with the tenancy and tenants in place.