How long a tenant can stay on a property that you are buying really depends upon the property, whether it’s a single use or multiple family property. Assuming you are purchasing a single family home and there is a tenant living in the property, if there is a lease on the property, the tenant will be able to stay until the end of the lease and then be given notice that the new owner wants to occupy the property. If the tenant is not fairly given notice that you are going to be the new property owner and that they will need to move elsewhere, it could bring about extensive legal issues and impede on your ability to purchase the house. Therefore, getting in contact with both the tenant, your real estate agent and your attorney will prove extremely valuable in this situation to ensure the expedition of the home sale.
If the property is leased on a month to month basis, then the tenant will need to be given notice at least 60 days beforehand that the new purchaser wants to personally occupy the property and that the tenant will have to leave the property. You will need to plan accordingly when you are under contract about what the circumstances will be with your tenant. Your attorney certainly can go over the complexities of tenancy law in New Jersey. It is a good idea to speak to your attorney up front regarding these circumstances if there is a tenant in the property.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.