As a landlord, you got into the real estate market to make money. You enjoy the passive income from your tenants, but you have other opportunities on the horizon.
As a result, you want to sell the properties that you’ve collected over time, so that you can invest in new opportunities. What you’re not sure about, though, is if you can sell the property without violating your leasing agreement with your tenants.
Landlords can sell their property at any time
Landlords are allowed to sell their properties at any time, but there is one consideration. That is that landlords should not sell the property before your term is up. The necessary notice is 60 days in New Jersey.
If you are able to set up an agreement with the purchaser, you may be able to sell the property without disrupting your tenants. If you can do that, then you may not need to provide the 60-day notice to abandon to your tenants.
What happens if the tenant refuses to move out after you give them legal notice?
If you have a tenant who would like to stay, you may find yourself in trouble when they refuse to leave the property. At this point, you have two real options. The first is to try to make a deal with the tenant to have them move out of the home. Some landlords might give back the security deposit and provide a small amount of money to assist with a move. Others may give more than 60 days of notice to be sure that their tenants have time to prepare.
If they really won’t go, then you can get the court involved as long as you have met all your obligations. To avoid problems, it’s in your best interest to wait to sell the property until your tenant’s lease is over. At that time, you can choose not to renew the lease, which will help you terminate their legal access to the property before selling.
This can be a complex situation. If you run into trouble, you should make sure to review the state laws and take action based on what the tenant and potential purchaser would like to do.