Selling a Rental in Long Beach: Checklist

Tenant timelines

Tenant timeline checklist

• ☐Pull the lease: fixed term or month to month, and the end date
• ☐List the rent, deposit and any rent increases in the last year
• ☐Ask an attorney which California and Long Beach rules apply to your property
• ☐Decide: sell with the tenant in place, wait for the lease to end, or offer a voluntary move-out agreement
• ☐If you offer money for a move-out, have an attorney write it
• ☐Budget for relocation payments if they apply
• ☐Never pressure a tenant to leave. Get advice first

Showing an occupied home

Showing checklist

• ☐Tell the tenant you're selling before the sign goes up
• ☐Send the written for-sale notice
• ☐Agree on showing days and times that work for them
• ☐Give at least 24 hours' notice for every showing
• ☐Offer a thank-you for their help, like a rent credit or a cleaning service (in writing)
• ☐Ask permission before photos, and keep their belongings and personal items out of the shots
• ☐Group showings into a few set windows instead of every day
• ☐Lock up or remove anything of value during showings

Questions for your tax advisor before you list

Questions to bring

• ☐What will I owe in capital gains if I sell this year?
• ☐How much depreciation recapture will I owe?
• ☐Does a 1031 exchange make sense for me, and what are the deadlines?
• ☐If I lived in the home before, does any of the home sale exclusion apply?
• ☐Is it better to sell this year or next?
• ☐Should I set aside money for estimated taxes?

Paperwork buyers will ask for

• ☐Copies of every lease and any amendments
• ☐Rent roll: rent, due date, deposit, lease term
• ☐Twelve months of income and expenses
• ☐Utility bills the owner pays
• ☐Repair and permit history
• ☐Any notices given to or received from tenants
• ☐Security deposit records (deposits move to the buyer through escrow)