have leased home in (allen) dallas. Wish to sell the same. How can I do it?

I have moved from Allen, TX to MA. I have managed to lease the property in Allen. It is a single family residential property. The lease expires next year. But I would like to sell the property to another investor without affecting the tenants.
In Selling Property - Asked by sankar r. - Sep 19, 2010
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J K.
Corporate Investor
South Attleboro, MA

Sell an option to purchase the property with a clause stating the current lease agreement to remain intact.

Sep 20, 2010
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James B.
Oakbrook Terrace, IL

Lease agreements go with the property and are not automatically terminated upon transfer. Let the tenants know this at the appropriate time as not all are aware of their rights.
You would handle the sale in the conventional fashion. A copy of the active lease should be provided to the buyer. At closing, security deposits and pro-rated rent for the month of closing are transferred to the new owner. The buyer is responsible for contacting the tenants to let them know where to send the rent check every month.
Jim Blanchard
Inland Real Estate

Sep 20, 2010
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sankar r.
Westford, MA

@J K. and @James B. Thank you both very much.

Sep 21, 2010
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Plano, TX

Like the previously answered, lease terms and lease deposits are transferable to new owner. New owner will have to honor the lease agreement. For example, new owner cannot kick the tenants out because he wants to occupy the home himself. He will have to follow the terms in the lease.

Sep 23, 2010
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