How do I sell a tenanted condo?
How do I sell a tenanted condo and still get top dollar in Georgetown, ON — fast?
Why this matters
Selling a condo occupied by a tenant changes the game. You face legal rules, tenant rights, condo rules, and buyer expectations. Do it wrong and you lose money, time, and credibility. Do it right and you sell quickly — often to investors willing to pay a premium. This guide gives step-by-step, local, no-fluff advice for selling tenanted condos in Georgetown, Ontario.
Quick roadmap (read this first)
- Confirm lease and move-out date.
- Check condo corporation rules and rental cap.
- Choose sell-occupied or vacancy strategy.
- Price for market — adjust for tenancy.
- Get tenant cooperation with incentives and clear notice.
- Market to investors and owner-occupiers selectively.
- Close with clean paperwork and tenant transition plan.
Start with the facts: leases, law, and condo rules
Before you list, gather three documents: the lease, condo declaration/ bylaws, and current status certificate. The lease tells you rent, fixed term and renewal clauses. The condo documents tell you rules about showings, rental ratios, and allowed tenant conduct.
In Ontario, tenants have legal rights. Showings require proper notice (usually written, reasonable hours). Eviction for buyer’s own use is possible but limited and requires legal steps and compensation in some cases. Don’t wing this. When in doubt, contact a realtor who knows Georgetown and an Ontario real-estate lawyer.
Decide: sell occupied or get vacant possession?
Two clear paths:
- Sell occupied: Attract investors. Price may be slightly lower but time to close can be faster if tenant stays.
- Sell vacant: Attract owner-occupiers who often pay more. This requires tenant cooperation or a negotiated move-out (cash for keys) or lawful termination where applicable.
Which is right for you in Georgetown? If your condo is near transit, schools, or renovating hotspots, vacant possession usually fetches better offers. If it’s a small building popular with investors, a tenancy can be a selling point.
Price it like a pro
Price is the fastest way to control buyer type. Price high and you get luxury shoppers who expect vacant units. Price investor-friendly and you pull in buy-and-hold buyers.
Adjustments sellers commonly make in Georgetown:
- Reduce list price 3–8% for leases with more than 6 months left.
- Highlight current rent roll, lease term, and tenant profile to justify investor pricing.
Tony Sousa uses a neighborhood-adjusted appraisal method: start with comparable solds in Halton Hills/Georgetown, then apply a tenant factor based on lease length, market rent differential, and demand for rentals in the condo’s micro-market.
Prepare the property with the tenant in place
Respect the tenant. Offer a showing plan that minimizes disruption:
- Schedule blocks of showings (e.g., two evenings a week).
- Offer tenant $50–$150 per confirmed showing or a monthly rent credit for cooperation.
- Clean common spaces and request tenant open closets and look neat.
If vacancy is required, offer a cash-for-keys incentive based on local moving costs and stress — typically one month’s rent in Georgetown, sometimes more depending on lease term and timing.
Marketing that converts: two tracks
Track A — Sell to investors:
- List rent roll, lease expiry, tenant payment history, expense and income summary.
- Use phrases: “Turnkey rental,” “Stable tenant,” “Investor-friendly condo in Georgetown.”
- Target local investor groups, rental property platforms, and MLS investor tags.
Track B — Sell to owner-occupiers (vacant possession):
- Highlight neighborhood benefits: access to GO transit, schools, parks, and commute times to Toronto.
- Use staging photos of a neutral, vacant unit. Emphasize move-in ready.
Dual strategy: run both tracks but with different listing syndication assets and targeted open houses.
Showings and tenant cooperation — legal and practical steps
- Provide written notice for showings per Ontario rules (24 hours is common). Keep times between 8 a.m. and 8 p.m.
- Offer photo ID checks for viewers and require appointments.
- Use virtual tours and professional photography that you can capture with tenant consent to reduce in-person visits.
If a tenant refuses repeated reasonable showings, document attempts in writing. Your agent should manage communications and keep the process diplomatic and firm.
Negotiating the offer: special clauses to include
When offers come in, include clauses that protect both seller and buyer:
- Clear statement if unit is sold with tenant (attach a copy of the lease).
- Tenant estoppel or acknowledgement letter confirming lease terms and rent.
- Tenant deposit and utility transfer instructions.
- If buyer intends vacant possession, include confirmation of tenant move-out plan and deposit held in trust if the seller offered a cash-for-keys.
Buyers who are investors may ask for tenant credit, rent roll verification, or immediate access for inspections. Prepare those quickly.
Closing checklist for tenanted condos in Georgetown
- Transfer security deposits as required by law, with receipts.
- Provide tenant with new owner contact and payment instructions.
- Deliver status certificate and condo docs to buyer (already delivered at offer stage usually).
- Coordinate closing date with tenant’s lease obligations.
If tenant is staying, confirm the new owner’s plan for the lease. If the buyer plans to occupy, ensure proper legal notice and compensation are handled.
Local market edge: Georgetown specifics that matter
- Commuter demand: Units close to Guelph Line and the GO station are attractive to buyers commuting to Toronto and Milton. That increases demand for vacant possession.
- Family buyers: Georgetown attracts families looking for green space and schools; these buyers prefer vacant, move-in-ready units.
- Investor market: Smaller units and units near downtown Georgetown or commercial hubs attract investors; highlight walkability scores and rental demand.
Use these facts to choose whether you price for investors or owner-occupiers.
Practical scripts: what to tell your tenant
Be direct, respectful, and incentive-driven. Example:
“We’re listing the unit for sale. We need to show it x times per week, always with 24 hours’ notice. We’ll give you $100 per confirmed showing and a $300 moving stipend if you agree to a vacancy date by [date]. This will be documented in writing.”
Keep records of every communication.
Pitfalls to avoid
- Don’t misrepresent the tenant’s cooperation level.
- Don’t ignore the condo corporation rules — some buildings limit showings or require board permission.
- Don’t set an unrealistic price expecting a tenant to vanish before closing.
When to get professionals involved
- If the tenant refuses reasonable access or eviction is considered, hire an Ontario real-estate lawyer.
- If the building has complex condo rules or rental caps, consult the condo property manager.
- Use a realtor experienced in Georgetown tenanted sales — they move faster and protect your sale value.
Why work with a local expert
Selling a tenanted condo is niche. You need a negotiator who knows Georgetown’s buyer pool, investor appetite, and legal landscape. A local expert will structure incentives, target the right buyers, and close the deal without friction.
Contact info: Tony Sousa — Local Realtor for Georgetown, ON. Email: tony@sousasells.ca | Phone: 416-477-2620 | https://www.sousasells.ca
FAQ — Selling a Tenanted Condo in Georgetown, Ontario
Q: Can I force a tenant out to sell the condo?
A: No. Tenants have legal protections. In Ontario you must follow the Residential Tenancies Act and any eviction for purchaser’s own use requires legal notice and often compensation. Consult a lawyer before attempting eviction.
Q: How much notice is required for showings in Ontario?
A: Give written notice. Standard practice is 24 hours and during reasonable hours (commonly 8 a.m. to 8 p.m.). Keep records of notices.
Q: Will a tenant reduce my sale price?
A: Possibly. Occupied units typically attract investors and may sell for 3–8% less than vacant units, depending on lease length and market demand.
Q: What if the tenant refuses showings?
A: Document refusal and try incentives: money per showing, rent credit, or a moving stipend. If refusal persists, speak to a lawyer; do not use self-help eviction tactics.
Q: Do I have to provide the lease to potential buyers?
A: Transparency builds trust. Provide lease and tenant ledger to qualified buyers, often under confidentiality terms.
Q: Can I sell to an investor with the tenant in place?
A: Yes. Many buyers prefer turnkey income properties. Market to investors with the rent roll, expenses, and tenant profile.
Q: Will condo fees or status certificates affect sale?
A: Yes. Status certificates reveal any special assessments, reserves or bylaw issues. Buyers will evaluate these; large condo problems can reduce offers.
Q: Can I offer cash for keys?
A: Yes. A cash-for-keys agreement is common. Offer a reasonable amount documented in writing, and ensure the tenant vacates and returns keys and condition as agreed.
Bottom line
Selling a tenanted condo in Georgetown is a process. You control the outcome by preparing documents, choosing the right strategy (occupied vs vacant), pricing correctly, and managing tenant relations. Do it with professional support and you’ll maximize sale price and minimize headaches.
Ready to sell? Get expert, local help. Email tony@sousasells.ca or call 416-477-2620 for a Georgetown-focused plan that works.
