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hold over meaning in real estate

A holdover proceeding is a proceeding to evict a tenant on any grounds other than the nonpayment of rent. 2A:42-5 and 2A:42-6 Printed February 2008 2A:42-5. Fiduciary duties vary by state real estate statute, but one example common to all is "confidentiality" of the client's information. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. It is for information purposes only, and any links provided are for the user's convenience. Real-estate owned (REO) Real-estate owned is a designation given to properties which are owned by a lender due to an unsuccessful foreclosure sale at auction. The content on this site is not intended to provide legal, financial or real estate advice. If you choose to evict the hold-over tenant, your attorney can help guide you through the judicial process necessary for eviction. An experienced real estate attorney can help you decide whether to treat a hold-over tenant as a trespasser or to elect to hold them to a new term. In a fiduciary capacity, it is the duty of the real estate agent or broker to protect the clients' privacy and keep all information confidential, unless required to … Under Arizona law, a holdover tenant refers to a tenant that still remains in the leased premises after the expiration of the lease. There is a Holdover by Lessee clause in the lease that states, "Holdover by lessee. It can occur with or without the landlords consent. Holding Over – A situation whereby a tenant is still occupying the space after their lease has expired. Often, hold over periods are pre-stated in the lease, and the tenant will incur a rent increase (i.e. I signed a two year lease that expires on 9/30/2010. The same can be said about Realtors (real estate sales representatives, brokers and brokerages) who take over a listing immediately upon its expiry or termination, that was previously listed with a different Realtor. Sellers should be weary and concerned with agreeing to a holdover period as defined in a typical listing agreement to offer to sell a property. Here are the remedies. A tenant who continues to occupy a property once a lease has expired is a holdover tenant. Every home sale starts with a real estate purchase agreement—a contract signed by buyers and sellers with the purchase price, closing date, and other terms. HOLD OVER TENANT DOUBLE RENT N.J.S.A. 150% of current rate) until they vacate or renegotiate the lease. 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