Can a NY lease purchase tenant be evicted before purchase for non-payment?

Question

Obviously the purpose of a lease to purchase agreement is to sell so you would charge late fees first and what not,but what happens if the tenant/buyer is 30 days or more delinquent? Can you evict or must it be a foreclosure if there is a lease with an option to purchase?

Tim: This is unrelated to my question. I am the seller trying to find out if I would get taken advantage if I do a lease to own and the people stop paying. I am not in any danger of foreclosure-not even close but thanks!

Answer 1

Be forewarned!, The general concensus among landlords is that most folks who say that they are only interested in
" lease purchase rentals " are scammers who are only trying to find a way to make themselves more of a nuisance to get rid of.
But if you have a well written agreement , Then they are strictly a tenant until the actually close on the property, and they forfiet any and all equity in the agreement if they violate any of the terms of the agreement. Yes I would charge late fees and I wouldn't wait 30 days for the rent to begin eviction.
Keep in mind an eviction takes a minimum of 8 days and can take months, (How much money can you afford to lose and how much time do you want to give them to trash the place.)

You evict a tenant and you foreclose on a mortgagee

Rent your place if you want to be a landlord, and sell the place if you don't. If your prospective tenant really wants the place they can always make the offer to buy it whenever they qualify for finiancing.

Answer 2

Its all in the paperwork. to protect yourself and the prospective buyer you should open an escrow at the inception of the Lease/option. You can designate who pays for the escrow. And, more important, the contract can specify answers to questions like yours. Including; Damage to the property before sale, Who is to pay for damage done during their lease. What specifically happens in case of non payment. The levying of penalties for late payments or default on the Lease/Option. Make the buyer pay for the escrow by telling him it protects him in the long run by making sure you don't change your mind or raise the price. But... at the same time you are protecting yourself at his expense.
Most Lease options fail due to miss-communication at the inception of the contract. With the Escrow company involved you are assured that the paper work is in order and that everyone is covered.

PS; Catwoman. Tim is a spammer, he gives that same answer to everyone he contacts. obviously trying to build a business.

Answer 3

She DOES have a hire. In NJ leases are perpetual. meaning while a term hire expires, it immediately renews on a month to month foundation. In NJ there's no protection to non-fee of hire. meaning the tenant can the two pay and stay, or in the event that they don't pay ... a warrant of removing is issued. whether they request a hassle stay ... each and all of the lower back hire could desire to be paid and the hire going forward could desire to be saved modern-day. If a tenant claims maintenance could desire to be made, and so on., each and all of the lower back hire could desire to be paid into the court docket as a manner to get a listening to and inspection. the seller made a extensive mistake in letting the region pass in this long. if that they had filed perfect away, the female in all probability could have gained public tips and that they could have gained hire. No be conscious is needed by means of regulation for non-fee of hire in NJ (until it became particular in the hire), so the seller became thoroughly dropping her time by means of giving the tenant notices and speaking along with her. submitting for non-fee could have given the tenant the fast-music into the homelessness prevention application simply by fact that she has young toddlers. the seller shot herself in the foot by means of not submitting perfect away. The choose is permitted to grant a a million week extension for an orderly removing after the warrant is served. It takes some week after the court docket date for the warrant to be processed. After the tenant is bumped off, you're able to depart the region vacant for 10 days simply by fact if the tenant gets each and all of the money from social centers, she would be in a position to get a prefer to allow her lower back in. Then your determination is to document for eviction based upon the actuality that the hot proprietor needs to occupy the premises. Sixty day be conscious is needed for that, after which you're able to document for possession if the tenant hasn't vacated.