Often, hold over periods are pre-stated in the lease, and the tenant will incur a rent increase (i.e. Holding over by tenant after giving notice of quitting; double rent recoverable If a tenant of real estate shall give notice of his intention to quit the premises by him held at a 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. Here are the remedies. It is for information purposes only, and any links provided are for the user's convenience. A tenant who continues to occupy a property once a lease has expired is a holdover tenant. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. Fiduciary duties vary by state real estate statute, but one example common to all is "confidentiality" of the client's information. 2A:42-5 and 2A:42-6 Printed February 2008 2A:42-5. 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. 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. There is a Holdover by Lessee clause in the lease that states, "Holdover by lessee. 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. 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. I signed a two year lease that expires on 9/30/2010. A holdover proceeding is a proceeding to evict a tenant on any grounds other than the nonpayment of rent. 150% of current rate) until they vacate or renegotiate the lease. Under Arizona law, a holdover tenant refers to a tenant that still remains in the leased premises after the expiration of the lease. Holding Over – A situation whereby a tenant is still occupying the space after their lease has expired. If you choose to evict the hold-over tenant, your attorney can help guide you through the judicial process necessary for eviction. It can occur with or without the landlords consent. 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 … The content on this site is not intended to provide legal, financial or real estate advice. HOLD OVER TENANT DOUBLE RENT N.J.S.A.