rental lease with past owner. should I honor or is it void?

[Vidyadhar R.]

Hi, I bought a house with a tenant who has a lease with past owner. This is in NJ. As a new owner am I legally obligated to honor the lease and not increase the rent or is the lease not valid anymore because its not between me and the tenant but the past owner? The rent was unchanged for past several years. Please advise. Thanks.

[Deanna O.]

First of all, look up what the laws are in your state/city (maybe ask your realtor, if you used one?). Odd that this didn't come up before purchasing but I totally understand sometimes things move too fast. Also,  I'd say figure out what you want to happen. If you are happy with the current lease, do nothing. If the rent is ridiculously cheap, but the lease ends in 3 months (and there is no rent control in the area), live with the cheap rent, give notice that there will be a non-renewal. Offer to create a new lease with a higher (but still "good deal") rent if you like the current tenants and they are taking care of the place. If you are wanting to move in that is typically one of the situations where in MANY areas you can negate the lease. 

First of all, look up the relevant laws. 2nd, follow them. 3rd - everything in writing--always.