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A lease is a legal, binding contract outlining the terms under which one party agrees to rent property owned by another party. It guarantees the tenant or lessee use of the property and guarantees the property owner or landlord regular payments for a specified period in exchange.

Bid down the lien. By law, you must pay the total taxes, penalties, and interest owed for each property. When you bid for properties, you are bidding on the interest you will receive while you hold the tax lien. Bidding starts at the statutory maximum rate of 18 percent and goes down.

While leasing and renting share many similarities, there are some subtle distinctions between the two. The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more.

Appraisal Contingency If such a contingency exists and an appraisal reveals that the market value of the property is below the minimum agreed upon value of the property, then the buyer may exit the deal without being in breach of contract.

The lease term is the non-cancellable period for which the lessee has agreed to lease the asset from the lessor, together with periods covered by options to extend the lease that the lessee is reasonably certain to exercise, and periods covered by options to terminate the lease that the lessee is reasonably certain not ...

Partition is a legal action recognized in New Jersey that allows for dividing real estate owned by two or more people. Real property held by co-owners as tenants in common or joint tenants (but not by spouses as tenants by the entirety or by N.J. registered domestic partners) may be partitioned.