When you have renters living in a property you want to sell, the already difficult process of selling a house becomes even more difficult. Careful planning and transparency with your tenants is essential. If you’re a landlord in Chicago, Illinois, and you want to sell your property with tenants still living inside, it is important to be aware of state and local laws in regards to tenants’ rights as well as the rights you have as a landlord to make the selling process smoother. Being familiar with the Residential Tenant Landlord Ordinance (RTLO) is a great resource to have as a landlord in Chicago. In this blog article, we will walk you through some steps and things to keep in mind when selling a Chicago house with renters still living in it.

1. Review Lease Agreements and State Laws: Take a look at your renters’ lease agreements in detail before starting the sales process. Know your rights and obligations under these agreements, particularly any provisions relating to the sale of the property. To ensure compliance with rules covering notice periods, lease terminations, and tenant rights throughout the transaction, examine pertinent landlord-tenant legislation in Chicago (RTLO).
2. Communicate with Your Tenants: Throughout the selling process, it is important to have open and honest contact with your renters. Inform them as soon as possible that you want to sell the property, and be sure to address any concerns they may have. Encourage conversation, reassure them of their rights, and provide whatever help you can to make the move easier.
3. Understand Tenant Rights: As a landlord in Chicago, you must be aware of the rights and protections that renters have under local legislation (RTLO). Make sure you follow the appropriate notification guidelines for viewings, inspections, and possible lease terminations. Maintaining a good rapport with your renters when selling the home will be easier if you are aware of both your rights as a landlord and their rights as tenants.
4. Coordinate Showings and Open Houses: Coordinate showings and open houses that are convenient for all parties. During these times, be aware of your renters’ privacy and comfort. Also, give them plenty of advance notice before each showing. To keep a cooperative environment, think about providing incentives like lower rent or payment for their cooperation.
5. Hire a Knowledgeable Real Estate Agent: It is highly recommended that you work with a real estate agent that has expertise in handling tenant-related transactions. They can offer suggestions on how to go through the procedure,

understand your legal responsibilities, and locate qualified buyers who are willing Hito deal with renters already in place. An agent who is familiar with the Chicago rental market can help speed up the transaction while protecting both parties’ rights and interests.

6. Provide Proper Documentation: Gather and give required information about the property and its history of rentals to prospective buyers. Lease agreements, records of rent payments, maintenance, and repair logs, and any other pertinent data may be included in this. By being open and honest with potential buyers, you will increase their trust and confidence, which will make the transaction go more smoothly.

7. Negotiate with Tenants and Buyers: During the sales process, you may come into situations when tenants’ participation is essential, such as granting access to inspections or repairs. Establish mutually beneficial terms for the lease between the renters and the purchasers, and be sure to quickly handle any issues. To create a great experience for all parties, keep the lines of communication open.

There can be difficulties when selling a rental property with tenants still residing in the property in Chicago, especially if you have non-paying and non-compliant tenants. You can successfully manage the selling process and complete the transaction by being aware of your rights as a landlord and your tenants’ rights. Keeping the lines of communication open, and consulting experts. Always remember that treating your renters fairly and openly can result in a win-win situation for all parties.

Onyx Homes help landlords sell their rental properties. We purchase properties with tenants in place, or if you are in the process of evicting a tenant or need to evict a tenant. We have an easy three-step and hassle-free selling process. If you’re thinking of selling your property with tenants, give us a call at 847-262-9012, and let’s find out how we can work together!