Are T-Mobile iPhone 5s interchangeable?

I have an iPhone 5s for t-mobile I do not use. The phone is on my parents account. We did that thing where t-mobile buys out your contract and then you basically are just paying t-mobile every month for the price of the phone. I didn't like t-mobile, got my own plan with a different company. The t-mobile phone is still on my parents account but I have restored it to its factory settings and removed my SIM card? If I were to sell the phone would the buyer be good to go if all they did was put in their own SIM card?

As long as your parents keep paying for the phone every month until the phone is paid off.