Selling a rental property in Miami with a tenant still living there is common, and it can work well, especially if you sell to another investor. Here is what Florida landlords should know.
The lease usually stays with the property
In Florida, a sale does not cancel a valid lease. The buyer generally takes the property subject to the existing lease, so the tenant can stay until the lease ends unless the lease itself says otherwise or the tenant agrees to leave early. Read your lease before you list.
Your options
| Option | Best when |
|---|---|
| Sell to an investor with the tenant in place | The tenant pays on time and the rent is close to market. Investors like a property that produces income from day one. |
| Wait for the lease to end, then sell vacant | The home would sell for more to an owner-occupant, and you can wait. |
| Offer the tenant a move-out agreement | You need the home vacant sooner. Some owners offer money or help with moving in exchange for leaving by an agreed date, in writing. |
| Offer the tenant the chance to buy | The tenant likes the home and can get financing. |
Showings and access
Florida law lets a landlord enter to show the unit to prospective buyers at reasonable times with reasonable notice (at least 24 hours). Showings go much better when the tenant is on your side, so explain the plan, keep showings organized, and consider a rent credit for their trouble.
Month-to-month tenants
If there is no written lease, or the lease has turned month-to-month, Florida generally requires at least 30 days' written notice before the end of a monthly rental period to end the tenancy. Check the current statute or an attorney before giving notice.
Security deposits and paperwork at closing
- Security deposits and advance rent must be transferred to the buyer (or returned to the tenant) at closing, and the tenant notified.
- Buyers usually ask for a copy of the lease, a rent roll and a tenant estoppel letter that confirms the rent, deposit and lease terms.
- Rent for the month of closing is usually prorated between seller and buyer.
This guide is general information, not legal advice. For evictions, lease disputes or anything unusual, talk to a Florida landlord-tenant attorney.
How we help landlords
We work with investors and landlords and understand how they value a rental. We will tell you whether your property is worth more sold with the tenant in place or vacant, and market it to the right buyers.
More guides
Selling a rental property?
We will tell you if it is worth more with the tenant in place or vacant, and who will pay the most.