house (which the apartment that is being rented out is one of the floors in that house), is there anything that we should be wary of (regarding lease, etc.)? Thanks.
2007-11-23 01:37:31 · 2 answers · asked by shalshelet 2 in Business & Finance ➔ Renting & Real Estate
What I'm really interested in is if we have to move out if the new owner wants to move into our apartment, or if the lease is upheld. Also, could you clarify about the deposit? Thanks!
2007-11-26 10:19:33 · update #1
I would not rent it. You never know if you'll get your deposit back or if the new owner will remove the property from rental status or raise the rent at first opportunity.
2007-11-23 01:55:27 · answer #1 · answered by Anonymous · 1⤊ 0⤋
very good question
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ya ... read NJ law regarding leases and sale of property ... incl. the parts about foreclosure and leases.
google will find this stuff.
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in some states, a foreclosure or transfer in lieu of foreclosure cancels any lease made afterward and then the tenant has to both move and chase the old landlord through the courts to get his deposit back.
in some states, an ordinary sale includes the transfer of a lease made prior to the sale and the lease becomes the obligation of the new owner. In other states, maybe it does and maybe it doesn't -- in your special case, you know the property is being offered for sale and that may make a difference in the outcome.
GL
2007-11-23 09:49:56 · answer #2 · answered by Spock (rhp) 7 · 1⤊ 0⤋