Can I Rent My House While It’s Listed For Sale?
Most real estate listing agreements prohibit sellers from leasing their property during the term of the listing agreement.
There is much logic to such clauses. If a home is leased, the new owner must honor the lease. That may make the home less attractive to buy. For instance, what if the lease goes through March and the buyer wants to move in by January 15th?
Also, if a home is leased it may be difficult to schedule showings, and it’s possible that tenants could damage the property and thereby reduce sale opportunities.
Lastly, about 200 areas around the country have some form of rent control. If a property in such an area is leased, it may fall under local rent control guidelines. In some cases, such guidelines may provide rights to tenants that property owners would not freely negotiate — such as a first right to buy the property, a requirement to pay a moving allowance, etc.
Speak with local brokers for specifics.
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