QUESTION
If I sign a month to month foreclosure lease with managing agent who has rent receivership in NJ, does the lease survive when new owner buys unit?
Asked on Jun 23rd, 2017 on Landlord and Tenant Law - New Jersey
More details to this question:
I'm most concerned with how much time I would have to find a new place. Is it 30 days because month to month lease survives, or 90 days because that is state law? To have 90 days do I have to go before a judge? Will that affect my housing record? Will I be considered a holdover tenant and be liable for double the yearly rent? If a new owner wishes to vacate the apt I'm fine with that I'm just very worried I would need more than 30 days to find another unit. These are my concerns. Thank you.
1 ANSWER
Anthony Van Zwaren
You are correct that you are a month to month tenant and whatever your past terms are continue. A holdover tenant does not have to pay double the yearly rent, however, if you vacate without proper notice you might have a potential claim of a double rent for a month. It would be up to a new buyer to decide if they want to use the house for personal use or continue a tenancy, so even if they do buy the property, they would have to give you the notice and then go to court to evict if you don't leave. So you will likely have more than thirty days before you have to leave.
Answered on Jun 24th, 2017 at 11:58 AM