Tenant's Rights After Foreclosure
Are you required o honor an existing lease when purchasing a tenant occupied foreclosure property at auction or does the foreclosure void the lease agreement? Are the laws state dependant (I am in NJ)?
Appreciate any insights.
Thanks,
Tom
Most foreclosure final judgements contain wording to the effect that the Courthouse buyer gains possession of the foreclosed property, including the issuance of a Writ of Possession.
Some require an affidavit that the tenant refused your demand that they vacate the premisis.
Ask your Clerk of Court for a Writ of possession. If the judgement contained those magic words, the tenants will be given 48 hours to vacate. Otherwise you will need to petition the Court to issue an order for the Writ.
Good luck.
"....language of the foreclosure Judgment".
Hardly applicable to all those Deed of Trust states where there is NO Judgment, but all is done by out-of-court foreclosure...
So a careful reading of YOUR foreclosure statute is going to be required by the new owner.
Recalling some of the screwy and perverse legal advice I've read about NJ'ites getting on their RE issues, I'd recommend you find and read, yourself, the NJ statutes on this.
I do recall that your foreclosures are judicial, meaning done in court, by final Judgment, and that J should therefore contain some language about your rights post-judgment.