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Updated about 1 month ago, 10/28/2024

User Stats

28
Posts
13
Votes
Kenji Tominaga
Pro Member
  • Investor
  • Brooklyn, NY
13
Votes |
28
Posts

Pending closing the deal due to the current tenant not leaving

Kenji Tominaga
Pro Member
  • Investor
  • Brooklyn, NY
Posted

Happy Friday!
I'm currently in the process of closing my first primary residence deal in NYC, and I would like to ask for a piece of advice to the community.
The current tenant of the Seller failed to move out by the closing date and the Seller decided to take a legal vacating process.

Background
- The current tenant of the Seller failed to move out by the closing date and I heard the tenant is avoiding direct communications with the Seller
- Not sure from my end if the tenant is willing to moving out but struggling, or maliciously squatting
- I have a vacancy contingency in the contract, thus I can back out at my discretion due to this issue, but currently there is no other properties that I want to move on to due to the market condition
- The Seller is trying to take a legal action but it will at least take 3 months or longer, no promise to succeed

Advice to ask
- My attorney could not negotiate to ask for a penalty for this delay because the penalty for delay was not included in the contract. Any actions I should take while I'm waiting for the update?
- Any advice for the squatting tenant in NYC?

Thank you for your time!

  • Kenji Tominaga
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