Posted by John on December 12, 2001 at 13:48:19:
In Reply to: How to evaluate 'buyout' offer (by new landlord) posted by Michael Kraft on December 12, 2001 at 13:11:23:
Well, the cost of finding a new place, moving expenses, reconnection of all utilities and your inconvenience is all up to you. But remember, once you agree to move out by a certain date… stick to it, even if you have to move everything to storage. The landlord can have you evicted and you lose everything.
Just be sure you receive the money, before you move… Or have a (your) lawyer negotiate the deal and have the money in escrow. The stipulation (written agreement) shouldn’t be made lightly. Read before you sign.
: I expect to be offered a 'buyout' on my rent-stabilized apartment (Upper West Side Manhattan brownstone) by the new landlord of the building. (An offer has already been made to one of the other tenants.)
: While weighing the alternatives (i.e., not accepting the buyout), how can such an offer be evaluated, strictly financially? In other words, is there a source of 'comparables' for what buyout offers tend to be in particular areas of the city for 1-BR, 2-BR, etc. ?
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