Selling with tenancy

My tenant has only been renting my apartment for 3 months but now I have a "silly-to-refuse" offer from a purchase wanting to buy my apartment. Can someone let me know what impact this will cause to the tenancy agreement that I have with my tenant? Will the new landlord have to honour the contract and let her rent for the remaining 11 months, at least. Being a responsible landlord, I would like to know what is going to be involved before I tell her my plans as I don't really want to startle her and haven't really made up my mind to sell or not, anyway.

W/ a tenancy, here is what to expect:

1) Yes, the existing tenancy contract will remain in effect with the existing terms

2) Upon closing of the sale, you will need to transfer the deposit paid by the tenant to the new owner, as well as the unearned rent for the pro-rata month.

3) The new owner, should be made to sign some sort of indemnity, whereby they are now responsible for returning to the tenant, the deposit less any possible deductions for damage etc.

4) The lawyers should also send to the tenant, a letter stating the particulars of ownership change so that the tenant knows to pay the new owner rent.


Good luck from the sale. From my experience, properties with a long period of lease remaining, is generally worth less than the same with a short period of lease remaining (all else remaining equal), so it really sounds like the potential purchaser is paying top dollar for your property for self-living in it eventually.. i.e. try and hold out for a little more!