Describe the occupancy accurately
List the occupied units, lease dates and any relevant agreements. Explain whether rent, maintenance or access issues are unresolved. Avoid substituting assumptions for documents: a buyer needs to understand the current situation. Have your attorney review any uncertain arrangement before using it as the basis for a promise in the sales contract.
Keep records and communication orderly
Gather leases, amendments, rent and deposit records, notices and repair information. Decide who will communicate about sale-related visits and keep requests clear. Share only the tenant information needed for the transaction through appropriate channels. Continuing an organized maintenance and communication process can make the handover easier even if the sale itself takes time.
Do not equate sale with vacancy
The New York Attorney General’s tenants’ rights guide explains that tenants retain legal protections during property transfers. Have counsel review lease terms and applicable requirements before taking action or committing to vacant possession. Ask each buyer whether their proposal assumes occupants remain or leave, and make sure the agreement describes an arrangement that can lawfully be delivered.
Prepare the handover with your attorney
Create a closing checklist for records, keys, deposits, utility information and any required communication. Ask the closing professionals to document the relevant adjustments and obligations. Preserve copies of the final records. If a dispute is pending, have your attorney explain how it affects the transaction rather than expecting a change of ownership to resolve it automatically.
BEFORE YOU DECIDE
Your questions, answered.
Can the buyer keep the existing tenants?
Discuss that possibility with the buyer and have the agreement reflect the actual occupancy and applicable rights.
Can I promise vacancy to improve the offer?
Only make commitments after obtaining advice on whether and how they can be delivered.
Should I share tenant identification documents immediately?
Share only what is needed, securely, and ask your attorney how to handle sensitive information.
Do pending disputes matter?
Yes. Tell your attorney and prospective buyer early so the proposal can account for them.
Where can I read about tenant protections?
The New York Attorney General publishes a residential tenants’ rights guide linked below.