Q: What would happen if a NJ condo is sold before the end of the lease that has a right to terminate provision?
CONDOMINIUM/CO-OPERATIVE RIGHT OF TERMINATION: (The following statement generally, as required by law,
21 must be included in a lease for a condominium or cooperative unit.) THIS BUILDING IS BEING CONVERTED TO OR IS A CON-
22 DOMINIUM OR COOPERATIVE. YOUR TENANCY CAN BE TERMINATED UPON 60 DAYS NOTICE IF YOUR APARTMENT
23 IS SOLD TO A BUYER WHO SEEKS TO PERSONALLY OCCUPY IT. IF YOU MOVE OUT AS A RESULT OF RECEIVING SUCH
24 A NOTICE, AND THE LANDLORD ARBITRARILY FAILS TO COMPLETE THE SALE, THE LANDLORD SHALL BE LIABLE
25 FOR TREBLE DAMAGES AND COURT COST.
The agent says the lease supersedes the right of a new landlord ,once the condo is sold , to live in the house and that this is a standard clause . What would happen if this condo is sold before the end of the lease?
A: Unfortunately if you read the disclaimer this site is not for giving specific legal advise, for that you will need to setup a consultation with a lawyer. Your lawyer who is handling the closing would probably be the best one to ask this to as one clause as it is also dependent on the rest of the contract and the township rules in regards to rental properties..
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