Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Buying & Selling a Home
Reload this Page 1% ownership?

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 10-16-2005, 05:44 PM
Junior Member
  
Join Date: Oct 2005
Location: las vegas
Posts: 7

1% ownership?

What is the name of your state? New jersey. My Dad is sole owner of a 2 unit rental house. He has left it to 5 siblings in his will as equal co owners. 1 sibling wants to move in to 1 of the apts. In NJ a current tenant can be given notice to vacate if an owner wants to occupy it. There is no mortgage. A RE agent suggested having my Dad give 1% ownership to this sibling to comply with this tenant law. Is this advice the best way to go?
  #2  
Old 10-16-2005, 06:17 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by katkruiser
What is the name of your state? New jersey. My Dad is sole owner of a 2 unit rental house. He has left it to 5 siblings in his will as equal co owners. 1 sibling wants to move in to 1 of the apts. In NJ a current tenant can be given notice to vacate if an owner wants to occupy it. There is no mortgage. A RE agent suggested having my Dad give 1% ownership to this sibling to comply with this tenant law. Is this advice the best way to go?

**A: no it's not. Is the tenant on a fixed lease or m/m?
  #3  
Old 10-16-2005, 09:27 PM
Junior Member
  
Join Date: Oct 2005
Location: las vegas
Posts: 7
month to month. Thank you.
  #4  
Old 10-16-2005, 09:33 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by katkruiser
month to month. Thank you.

**A: then it is very simple. Just have Dad send a certified rrr letter (following the NJ L/T law) to the tenant terminating the m/m lease.
Why are you and the RE agent making it so convoluted and complicated?
  #5  
Old 10-16-2005, 10:59 PM
Junior Member
  
Join Date: Oct 2005
Location: las vegas
Posts: 7
Ahh! This is NJ. A just cause state. M/M or yearly leases are automatically renewed and the tenent has the right to renew. This tenant does not want to leave. The landlord can only evict for 16 reasons. Anyway, the only option that is applicable in our case and to get them out is the owner occupied reason. Notice to quit- 2 month notice etc. Just FYI. I will consult local attorney. Thanks for your input.
  #6  
Old 10-17-2005, 07:31 PM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by katkruiser
Ahh! This is NJ. A just cause state. M/M or yearly leases are automatically renewed and the tenent has the right to renew. This tenant does not want to leave. The landlord can only evict for 16 reasons. Anyway, the only option that is applicable in our case and to get them out is the owner occupied reason. Notice to quit- 2 month notice etc. Just FYI. I will consult local attorney. Thanks for your input.

**A: you are incorrect. But you need an attorney.
Reply

« Previous Thread | Next Thread »


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 01:37 PM.

Contact Us - FreeAdvice - Archive - Privacy Statement - Top

IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.
FreeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.