What should I know before selling a rental that has a property manager?
Read your management agreement first. It may set a notice period, a termination fee, or its own listing or sales clause.
- Tell the manager in writing when you list, and agree how showings will be arranged with the tenant.
- Collect the lease, the deposit records and the rent ledger. The security deposit and advance rent transfer to the buyer at closing with an accounting (Fla. Stat. 83.49(7)).
- If the manager holds the deposit, the closing agent will need confirmation of where it is held.
- Decide whether the manager stays through closing. Buyers who plan to keep renting the home often want to know.
This answer explains the general process in Florida. It is not legal or tax advice; for your situation, rely on a Florida attorney or CPA of your choice.
Primary law
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