Selling a Maine Rental Property With Tenants in Place

You can sell with tenants living there

A rental doesn’t have to be empty to sell. In general, an existing lease stays in place when the property changes hands and the new owner becomes the landlord. Read your leases first so you know their end dates and terms.

Security deposits and records

Plan for how tenants’ security deposits will be handled at closing. Maine has rules about transferring or returning deposits when a rental is sold, so confirm the details with your attorney or closing agent. Gather the leases, rent amounts and any notices so the buyer has a clear picture.

Showings and notice

Tenants have a right to reasonable notice before you enter. Showing a house over and over can strain the relationship. Selling to an investor who needs one walkthrough, or who buys based on information you provide, can keep things simpler.

Your main options

• Sell with tenants in place to an investor who wants a rental.
• Wait until the lease ends and sell the property vacant.
• Offer the tenant a move-out agreement (sometimes called “cash for keys”), done carefully and in writing.
• Offer it to the tenant, who may want to buy it.

Eviction and notice rules are strict. Talk to a Maine landlord-tenant attorney before ending any tenancy.

This is general information, not legal, tax or financial advice. Laws and court procedures change, and every situation is different. Talk to a Maine attorney about yours.

Disclosure: Pinetree Home Solutions is a real estate investment company. We are not licensed real estate agents and do not represent you. We may assign our purchase agreement or resell the property for a profit.