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I live in New Jersey in the only apartment complex in my town in Passaic County. There are 20 apartments. We found out that my landlord is selling our apartment complex when the real estate sign went up on the road.
Our concern is what are our rights if the place is sold. Can the new owners evict us? Can they evict only select tenants? What are our rights. I have only been able to find information on conversions but nothing on a new owner taking possession. Does anyone have any expertise or know where I can find tenant laws on this subject?
I had something like this happen a few years ago. If someone buys the building before your leases are up, they are in essence, buying the existing lease contracts as well. So, you will definitely have a place to live for the remainder of your lease. Moving forward is the question...
It varies by town I believe, but I think an owner has to give a certain amount of notice as to whether or not they will be welcoming you back for addl lease period. At a minimum its probably like 30 days notice.
In my situation, the new owner kept almost all the existing tenants for the next lease term. They asked one apt to leave at the end of the current lease term as they were taking that apt for themselves.
krusher, that's probably the only reason they can ask you to leave. otherwise, they would need to evict for cause. if an owner wants to occupy a unit, then they don't have to give you a new lease.
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