Selling a rented property: what you need to know about the lease agreement

Are you about to sell a rented property? If so, the lease agreement is one of the key documents you will need to present.

What is a lease agreement and why is it needed when selling a property?

When a property for sale is already occupied by a tenant with a current lease agreement, the lease agreement must always be attached to the documentation. It is a binding document that regulates the relationship between the tenant and the owner and also affects the potential buyer.

The contract must indicate:

• The type of lease
• The expiration date
• The renewal terms
• The agreed rent
• Any security deposits

What happens when a leased property is sold

In the event of a sale, the new owner automatically takes over the lease agreement, assuming the same rights and obligations as the previous landlord, until the natural expiry of the agreement.

This applies to both residential and commercial leases.

What must be included in the agreement to be presented at the time of sale

• A copy of the agreement registered with the Revenue Agency
• Any subsequent extensions or amendments
• Documentation of rent payments
• Certificate of regular payment of registration taxes

Do you need to sell a leased property and don't know where to start?

Contact us for a consult: we will work with you to evaluate the best strategy for selling your home.