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I'm in the middle of closing on a house in brooklyn. Currently the house is being sold as a short sale. It's a 1 family house and tenants have been living there since 2009. They have a lease till 2015, then an option to extend the lease till 2017. The rent price is ridiculously below market prices. I want the house to be vacant after it's bought. Since I did not provide the lease would it be easily broken? What are my rights if I buy the house? I can email the lease to anyone who wants to see it.
The rent price is ridiculously below market prices.
Ordinarily... the tenant has the right to remain for the duration of their lease.
However, if **other** factors -like less than an arms length relationship- are at play
and you are able to prove that the lease as written with this tenant a poison pill....
then you might (expensive drawn out PITA) be able to press the matter.
You're in the middle of closing and you're asking this question now. This should have been discussed prior to making an offer and signing a contract.
What does your contract of sale say ?. Is it based on vacancy or tenancy ? I suspect from what you're telling us is that it is based on tenancy. If so, then then you have a tenant until at least 2015 at whatever rent the lease term specifies.
You can try asking the seller if he can do anything about this. The usual only way to get lease tenants to leave is to offer $ 5,000 or so plus first and last month's rent payment at a new apartment. I doubt your seller is going to want to spring for that. If you try to back out of the sale, you're going to be the one in breach of contract.
I'm in the middle of closing on a house in brooklyn. Currently the house is being sold as a short sale. It's a 1 family house and tenants have been living there since 2009. They have a lease till 2015, then an option to extend the lease till 2017. The rent price is ridiculously below market prices. I want the house to be vacant after it's bought. Since I did not provide the lease would it be easily broken? What are my rights if I buy the house? I can email the lease to anyone who wants to see it.
You need to read this, the Foreclosure Act of 2009:
The least notice you can give the current tenants is 90 days. However, they have a lease and the lease has to be honored until its termination in 2015. I don't believe the option is held over. If you are planning to move into the house as your primary residence then the 90 day rule applies but make sure you really are going to move into the house. Don't try and circumnavigate that exclusion as doing so will land you in a whole mess of trouble which will cost you a lot of money.
The least notice you can give the current tenants is 90 days. However, they have a lease and the lease has to be honored until its termination in 2015. I don't believe the option is held over. If you are planning to move into the house as your primary residence then the 90 day rule applies but make sure you really are going to move into the house. Don't try and circumnavigate that exclusion as doing so will land you in a whole mess of trouble which will cost you a lot of money.
As noted, you can also "buy out" the tenant.
The law you posted does not apply to short sales only foreclosures.
As others have said, clearly you need to consult with a lawyer. Having said that, if they have a lease signed to 2015, they clearly intended on staying there and you kicking them out for the purpose of "investment" is a real jerk move. Why don't you look for a home that is not occupied?
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