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Here is my story. We moved into a small beach town in NJ. Just before we moved into the house, the landlord had a stroke. We found out that from the realtor after we called about something that due to the medical complications that the landlord is going to have to sell the home. We have only been in the house for two weeks. Is there a breach in the lease agreement when nothing was put in writing to us prior to the lisiting of the house? There is nothing that states in our lease about this situation. I know it is probably not a common occurence but I just want to start looking for a new home. Especially if the new owners do not have to honor our lease.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
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You are bound by the lease and so is the new owner however the current owner can release you from your lease before he sells if you desire to move and he desires to sellk the house without a tenant. It is totally up to you if you want to go or stay if he will let you out of it.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
Reputation: 3587
Quote:
Originally Posted by Ultrarunner
Leases generally follow the property.
Ownership changes are common with investment property. Any successor owner will be bound by the lease just as you are.
In some states, leases can be recorded with the county if you desire more protection.
The questions are... Do you want to stay and are you being asked to leave?
Remember, everything is negotiable if you are being asked to vacate before your lease is up.
True and if the new owner wants you out, you can get a good deal. I had a friend that got 6 weeks of free rent because a new owner wanted the premises vacated and he still had 7 months on a years lease. So the new owner offered him the rest of the month and next month if he would move.
True and if the new owner wants you out, you can get a good deal. I had a friend that got 6 weeks of free rent because a new owner wanted the premises vacated and he still had 7 months on a years lease. So the new owner offered him the rest of the month and next month if he would move.
True and if the new owner wants you out, you can get a good deal. I had a friend that got 6 weeks of free rent because a new owner wanted the premises vacated and he still had 7 months on a years lease. So the new owner offered him the rest of the month and next month if he would move.
Good job of that friend. Yeap. Bound to the property the lease and you are. Not to the owner. However, its up to all parties to decide whats best use of the space. And that'll probably be the new owners.
Thank you for the all the insight. I was not sure of the tenant's rights in NJ. I was getting mixed answers from people who own investment property. They are saying it is a breach of contract because the landlord's family and realtor knew he would have to sell the home prior to us moving in. I am definitely sure he needs us here to pay the mortgage until he can sell the house. I do not want to move I just settle my family in this house and this unforeseen medical condition occurs.
Like noted it is very costly to move and I can not afford that right now.
I listed one of my properties for sale and brought it to the attention of my tenant. He said he wanted to stay and maybe the new owner would be his new landlord. Since my agreements are all month to month rather than long term leases, he had that option. As it turned out, the house didn't sell and the tenant stayed.
I would like to point out that for all concerned, there is nothing more beautiful than a month-to-month rental agreement. You never know what tomorrow might bring and if you need your house back or you need to sell, it's a sure way out from under it in a pinch.
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