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Updated about 8 years ago,
Selling a house with a tenant-NJ landlord
I have a rental property in NJ that I may be selling and I would like to know if anyone has answers to the following questions:
1. I have heard from attorneys and realtors that you can not ask a tenant to leave simply because you are selling your property. That if you sell and the buyer wants to move in then they could ask the tenant to vacate. If I were to sell the home to a builder and the home has a tenant in it that is month to month-original lease expired 2 years ago-what then happens with the tenant? Will a builder even buy a home with a tenant in it? Is it difficult to sell a property to a builder when you have a tenant in the house?
2. For those that have sold a home with a tenant, did you notify the tenant in advance that you would be selling the home and are there any incentives you have used to encourage a tenant to move out prior to selling? I have heard that some folks pay the tenant a fee to leave early; however, I am not sure if that's legit or if paperwork would need to be written up to do that. Any input would be appreciated.
3. I would really like to have the tenant vacate prior to selling; however, it seems that the laws in NJ does not allow a landlord to ask a tenant to vacate simply because they are going to sell. If anyone has any ideas or knows what my options are please share.
Thank you