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Updated over 3 years ago on . Most recent reply

User Stats

23
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1
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Clenvic Cayme
  • Mays Landing, NJ
1
Votes |
23
Posts

Buying a home with a Tenant, can they sign a lease agreement befo

Clenvic Cayme
  • Mays Landing, NJ
Posted

Hey Guys

So i am looking to purchase a home in the state of NJ for around $220,000 but there is currently a tenant that is on a month to month lease. The rent shes paying is 1900. It hasnt been increased since she has lived there close to 6 years ago. Conservative rental values is around at least 2300 . When we looked at the house the tenants seemed very nice and accommodating. We told the realtor that if they wanted to stay we wouldnt mind but we would be increasing rents to 2100 (seller has stated they never had an issue with the tenant, so id gladly rent under market price for a good tenant).

We haven't written a contract but they verbally accepted the offer. When we asked the other realtor if the tenants wanted to stay they replied with "They will stay on but current owner will not discuss proposed increase with current tenant". So im assuming there is 2 options. 1) Ask for them to deliver the house vacant or 2) Is it possible for me to have them sign a yearly lease agreement with me, prior to the closing? (Even though technically i didnt own the house)

Also, should i be asking for a rental estoppel? This is my first time buying a home with a tenant so im not sure how this process works entirely. Thanks

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