Can I sell my property subject to a mortgage or with tenants in place?

Can I sell my property subject to a mortgage or with tenants in place?

Can You Sell Your Property Subject to a Mortgage or With Tenants in Place?

Selling a property can be a complex process, especially when it’s subject to a mortgage or has tenants in place. But is it possible? The short answer is yes. However, there are important factors to consider to ensure a smooth transaction and to optimise your property’s visibility in search engine results.

Selling a Property with a Mortgage

What Does ‘Subject to a Mortgage’ Mean?

When a property is ‘subject to a mortgage’, it means there is an outstanding loan that the property serves as collateral for.

Is It Possible to Sell?

Absolutely! Many properties on the market are sold while still under a mortgage. The key is to sell the property for a price that covers the remaining balance of the mortgage.

How Does It Work?

When you sell a property subject to a mortgage, the proceeds from the sale are used to pay off the mortgage. Any remaining funds after paying off the mortgage and other selling costs are your profit.

Selling a Property with Tenants

Can You Sell a Tenanted Property?

Yes, you can sell a property with tenants in place. This can even be an attractive proposition for buyers looking for an investment property with a steady income stream.

What About the Tenants’ Rights?

It’s crucial to respect the rights of your tenants during the sale process. In most jurisdictions, tenants have the right to remain in the property until the end of their lease, even if the property changes hands.

Do you have a property for sale? Contact us today for a free auction appraisal.

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