My question involves real estate located in the State of: New Jersey
I am in Attorney Review of a property where there is currently a tenet renting there. The tenet does not have a lease.
In the contract, my attorney put that the tenet must leave before closing.
I asked my attorney what happens if he doesn't leave. He said that the closing just gets pushed off until he leaves. I said but that is crazy as I can get stuck forever. So he put in a clause that after 60 days, I have the right to back out with out a penalty.
I asked if it can be put in the contract that if the tenet does not get out by X days, then I get a monetary compensation, or at least covers my inspection and lawyers costs.
He said that it doesnt work like that and there is no chance of me getting anything out of it. He also advised me that the closing date in the contract is more of a "suggestion".
Im a layman, but that doesnt make sense to me. If the seller wont get penalized for not getting the tenet out, then there is no real push for him to do it. If I break contract, I am hit with $10k but if the seller breaks then nothing happens?