How may I inform tenants of lease terminations or property sales?

On Behalf of | Aug 17, 2022 | Real Estate Transactions | 0 comments

If you need to terminate a tenant’s lease, the type of lease your tenant signed could determine how you proceed. As noted on the Florida Legislature website, when Sunshine State tenants sign a year-to-year rental agreement, they must receive a termination notice in writing at least 60 days before it expires.

You may also need to inform your tenants regarding an intended sale of the property they reside in. As a landlord, you might find it somewhat challenging to diplomatically inform tenants that you would like to sell their current place of residence. A lease-termination notice, however, reflects more of a time-delineated process.

Advance-notice timeframes for weekly, monthly and quarterly leases

Sunshine State landlords with tenants renting on a week-to-week basis need to provide written notice of an upcoming lease termination at least seven days before the end of the weekly period. Month-to-month leases require a minimum of 15 days advance notice prior to termination. Property owners who rent to quarterly tenants must send termination notices at least 30 days before the quarter expires.

As described on the Florida Department of Agriculture and Consumer Services website, advance-notice timeframes also protect property owners from abandoned rental units. Either party involved in a rental agreement may terminate the lease, but tenants who “break the lease” without providing the required advance notice in writing could find themselves subject to a property owner’s legal action.

Property sale communications

Florida property owners may sell their assets when they wish. As noted by Investor’s Business Daily, lease agreements with existing tenants generally transfer to a building’s new owner. By openly communicating the intended sale to your tenants, they may willingly cooperate during showings. A follow-up letter regarding the intended sale after an initial discussion could prove helpful in avoiding misunderstandings. A noticeably uncooperative tenant may cause a potential buyer to reconsider a purchase.