Many times, a commercial landlord really does not want to evict a non-paying tenant – particularly in those instances where the landlord is trying to keep up appearances at a center – but is left with little choice when a tenant falls so far behind in rent that the landlord is compelled to sue for possession.
In New Jersey, the eviction process is streamlined and allows a commercial landlord to swiftly regain possession of its property when the tenant has failed to pay rent.» Read More
Many times I have been approached by a landlord who wants to evict residential tenants from the premises because the lease has “expired.” The first questions I ask are: 1) whether the landlord lives in the premises, and 2) whether the premises contain no more than two rental units (in addition to the landlord’s unit). If the answer to these questions is “No,” then I give the landlord the bad news: he can’t just “kick out” the tenants, even though the lease term has “expired.”
Other than tenants who live in premises where the landlord resides and there are no more than two additional rental units, residential tenants in New Jersey enjoy substantial protection under the Anti-Eviction Act.» Read More
The New Jersey Supreme Court recently ruled in favor of a residential landlord, Anna Mae Cashin, who sought to evict Marisela Bello. Bello lived in a single family home located on Cashin’s property, which also contained another building with five residential units.
Cashin had tried several times in the past to no avail to get Bello, who had occupied the property since 1973 at a nominal rent, to leave.» Read More
Commercial landlords are occasionally confronted with a situation where one of their tenants is not abiding by the lease. Some commercial landlords feel that they can simply lock the tenant out of its space as result of any breach under the lease. This is not the case under New Jersey law. Any landlord who resorts to self help risks being sued by a tenant for any number of causes of action, including, but not limited to, wrongful eviction, trespass, and breach of contract.» Read More
The Wall Street Journal recently reported that a total of $58.3 billion of the commercial-mortgage loans sliced and diced on Wall Street are currently delinquent. More than $1.4 trillion in commercial mortgages will come due by 2013, with as much as 65 percent of those deals finding it difficult to refinance. The delinquency rate of 8.58% is still nearly twice as high as the year-ago level of 4.8%. » Read More
In the previous blog entry, I highlighted the need for commercial landlords to specify in their leases the manner in which the tenant’s personal property is dealt with upon termination of the lease, either by its terms or by way of court action (summary dispossess). Doing so gives the commercial landlord the flexibility needed to get the newly vacated space ready for re-letting.» Read More