Buying a condo with tenants in NJ...NEED ADVICE (apartment, lease)

[smsimpson77]

I am in the process of purchasing a condo with tenants. I had initially agreed to have the sellers evict them before closing but since they have been dragging this process out I recently agreed to close with the tenants still there before my commitment letter expires.

I would like to know my options once I close. Can I give them just 30 days notice? Their lease expired a year ago and since then they have been paying month to month. I have been doing research online and it seems like they can get 30 days notice since this will be my primary residence.


Can anyone with experience in NJ let me know if this is valid?

[flyonpa]

Have the sellers get them out before your close.

[jaymoney]

If you don't own it, you cannot do anything to the tenants. Send them all the notices you want, it's as legally binding as them sending you notices that you have to evict.

This is currently in the existing owner's court and they need to deal with it, but it sounds like they're taking the easy way out and making it your problem.

So, you need to decide if you're going to play hardball with the owner and tell them you're going to walk if they don't evict the tenants. And then you need to be willing to walk or wait another 30 days after you take the place over.

[newdude05]

Originally Posted by smsimpson77

I am in the process of purchasing a condo with tenants. I had initially agreed to have the sellers evict them before closing but since they have been dragging this process out I recently agreed to close with the tenants still there before my commitment letter expires.

I would like to know my options once I close. Can I give them just 30 days notice? Their lease expired a year ago and since then they have been paying month to month. I have been doing research online and it seems like they can get 30 days notice since this will be my primary residence.


Can anyone with experience in NJ let me know if this is valid?

NJ is a tenant state, if they want they can tie you up in court for months even years.

Unless you are confident the tenants are reasonable and will agree to move out, demand the unit be delivered vacant. The fact the seller is having problems getting the tenant out should be a big warning flag.

Worst mistake you can make is agree to buy a place with bad tenant in place, then they become your headache after closing before the inks are even dry.

[Fox Terrier]

I would advise you to have the seller remove the tenants before you buy.

There are many legal ways they can end up staying there without paying rent, and it could drag out for a year or more.

I know. That happened to me.

First came the excuses from the tenants. "We'll have the money on the 20th instead of the 15th". "Our baby is sick and we need the money for her doctor". on and on

Then came the eviction. As soon as they got the letter they declared bankruptcy. That tied things up even more, since bankruptcy comes with all sorts of legal protections from creditors.

What a mess! I think it took a year to get them out; I couldn't even go into the apartment to make repairs, so it wound up being totally trashed by water damage, and of course they paid no rent.

Don't do it!!!!!

[Kthnry]

I agree with everyone else -- don't close until the tenants are out. I'm a landlord on a small scale (multifamily house and a condo). I've read plenty of horror stories about tenants who wouldn't leave. Tenants can make your life a living hell in NJ. I've been very lucky with great tenants.