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Updated almost 2 years ago,

User Stats

60
Posts
16
Votes
Mark Berge
  • Rental Property Investor
  • New Jersey
16
Votes |
60
Posts

Tenants lease is up July 31, 2023. Tenant said he is looking to buy a house.

Mark Berge
  • Rental Property Investor
  • New Jersey
Posted

Hello all, the tenants lease expires July 31, 2023. He pays on time and works from home, keeps the house in good condition.

He said that he wants to buy a house. This would be his 3rd year lease if he renews. I told him that I have a little leeway but I don't want to have find a new tenant in the fall or winter. Since his father recently passed away and both where on the lease the tenant says that the house is too big for him. The NJ standard lease that he signed last July states that - 

27. RENEWAL OF LEASE: The Tenant must be offered a renewal of this Lease by the Landlord, unless the Landlord has
good cause not to do so under applicable law. Reasonable changes may be included in the renewal Lease. Not less than 60
days before the expiration of the Term of this Lease, the Landlord shall notify the Tenant of the proposed terms for the renewal
Lease. Within 30 days after the Tenant receives the Landlord's renewal notice, Tenant shall notify Landlord whether Tenant
accepts or rejects the proposed renewal Lease. If the Tenant does not notify the Landlord of Tenant's acceptance, then the
Landlord's proposal shall be considered to have been rejected. If the Tenant does not accept the renewal Lease, the Tenant must
vacate the Property at the end of the Term.

I know that my real estate agent can find a new tenant probably for more rent than the current tenant is paying since it is a sfam in a good area, no bars on the windows, etc. 

Any suggestions?

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