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-> Household Management
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amother
Floralwhite
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 Mon, May 11 2015, 10:36 pm
Owner who is selling the house, rented the house and the lease will be up in about a year.
What are the downsides, other than
1- Possible damage to house after taking ownership of house,
2- Having to deal with tenant in interim,
3- Difficulty in getting tenant to leave when their lease is up.
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MagentaYenta
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Mon, May 11 2015, 11:23 pm
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Different states have different laws you should check to see what the laws of your state are. In my state the tenancy ends upon transfer of the title, the tenants have 30 days occupancy after that date. The landlord can offer them a new lease or they can move. Around here if you buy a rental that is occupied the deposits of the tenants can be transferred to the the new LL via the escrow process.
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amother
Floralwhite
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Mon, May 11 2015, 11:34 pm
| MagentaYenta wrote: | | Different states have different laws you should check to see what the laws of your state are. In my state the tenancy ends upon transfer of the title, the tenants have 30 days occupancy after that date. |
This doesnt apply in New Jersey. "If a new landlord acquires a rental property with a tenant, the new landlord must honor any existing lease agreement".
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MagentaYenta
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Tue, May 12 2015, 12:09 am
| amother wrote: | | This doesnt apply in New Jersey. "If a new landlord acquires a rental property with a tenant, the new landlord must honor any existing lease agreement". |
Yup states have different laws. It's always good to be informed about the ones that impact you, esp. when it comes to a sizable investment like RE. Talking to a competent atny can't hurt either.
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