By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Administration Attorney
Often times, beneficiaries who are left a home under the Last Will and Testament or Trust of a deceased family member can’t decide what to do with the property. It is either sell it or rent it. When asked, my opinion, I often discourage the rental of the house. Renting was a popular option during the real estate recession/depression but really isn’t the best solution today. Some clients suggest a short term rental while they search for a buyer and then have us prepare a rental agreement but I warn clients once a tenant is in, it is not so easy to convict him or her because of the New JerseyAnti- Eviction Act and slowness of the Court system.
In many cases, when clients have rented out the house to a tenant while it seeks a buyer, the tenant just refuses to vacate and the landlord has to file an eviction proceeding in court. Then the tenant files for bankruptcy which stays the Landlord court proceeding for many months and even years. Finally, after many thousands of dollars in legal expenses as well as Court costs, the eviction occurs but sometimes a Sheriff has to actually, physically, come to the house to cause the eviction.
This is something to think about before you go and rent out a house. The foregoing does not even address the probable damage that will be done by the tenant to the property.
To discuss your NJ estate administration matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at email@example.com. Please ask us about our video conferencing consultations if you are unable to come to our office.
Please go to our Landlord Tenant site (www.newjerseylandlordtenantlaws.com) for the many risks associated with being a landlord in New Jersey.