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We may be buying a place that has renters in it whose lease would be up before closing. Any experience with this situation? Anything we should look out for?
I would require the seller to transfer property vacant even if they have to postpone the closing to remove the tenants. If they don't, it will be the buyers responsibility to do so. If the tenants do not cooperate, it can take a painfully long time to go through the eviction process in NJ.
Once you becomes the owner, the tenant becomes your problem. You dont have to be afraid but need to be very careful. Do your due diligence same as any new tenant - meet them, talk to them, ask the current owner to get permission to do a full background check. Also ask current owner to show proof of on time rent payment for the last year. Lastly talk to your attorney regarding to include a new lease agreement with the tenant + security deposit transfers.
If at any point you feel uncomfortable with the existing tenant, ask the property to be delivered vacant, dont hesitate.
EDIT: i am assuming you are buying this as an investment property. If you are buying this as a primary resident, then obviously ask it to be delivered vacant, not even a question...
I would require the seller to transfer property vacant even if they have to postpone the closing to remove the tenants. If they don't, it will be the buyers responsibility to do so. If the tenants do not cooperate, it can take a painfully long time to go through the eviction process in NJ.
Quoted for truth. NJ is very tenant friendly state so it is difficult to handle such cases.
If their lease is up before closing, why do you think they will still be there? They must know the house was sold since they didn't get a new lease, so I would think they are already planning to vacate. What did the current owners or your real estate agent say about it that is leading you to worry about them not being gone by closing?
If their lease is up before closing, why do you think they will still be there? They must know the house was sold since they didn't get a new lease, so I would think they are already planning to vacate. What did the current owners or your real estate agent say about it that is leading you to worry about them not being gone by closing?
95% of renters probably would be gone. But go look at the renting forum for the 5% that are nightmares. You have to evict them and they can cause a lot of damage. That is hard enough for a landlord to deal with let alone people who have no experience with things like this.
Hi. Their lease is up before our closing and our contract states that the house has to be vacant. If they fight to stay and extend their lease and don't leave, will we be able to get our deposit back and walk away? I don't want to go into detail but there are clear concerns that these people don't want to go.
Hi. Their lease is up before our closing and our contract states that the house has to be vacant. If they fight to stay and extend their lease and don't leave, will we be able to get our deposit back and walk away? I don't want to go into detail but there are clear concerns that these people don't want to go.
That should be a question for your lawyer.
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