Hi BP Community,
I am selling a rental property in NJ, and it's currently under attorney review. The buyer plans to live there, and expects it to be delivered vacant. The expected closing date is end of September.
A tenant currently resides in the property. The tenant is in the process of buying a house herself. I am told that it's in the abstaining mortgage stage, and should close by end of August. If all works out, they should be out by end of September when we close, so we can deliver the house vacant. However, if the tenant can't close, and needs to remain there, what options do I have? The lease doesn't expire until 11/30/2017, so technically she can live there until then.
What's your suggestion? Please help!
@Lue C. Maybe cash for keys, help pay for moving or storing her stuff in a POD
Just because tenant is closing end of August doesn't mean she'll leave.. she legally can stay in the house till her lease ends.. her intentions are yes probably to move but.... your still in LIMBO. She might need to carpet the new place, paint, who knows..and want to stay where she is till who knows..
you either get her to sign that she'll be out, and give her CASH for key's the day she leaves or you have no guarantee you can deliver the house vacant. She literally has to be out of the house if your current buyer is saying that, and you are not in compliance with the PA until she is actually gone,, you can't file eviction because she's not done anything wrong.. and eviction action takes WEEKS..
If this sale is that important to not to lose,, beg, help her move, put stuff in storage,, get a temp hotel, and pay her,, to get out ASAP meaning like 3 to 5 days. the good news would be she could stay with family if someone is near by..
She's in the drivers seat..
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