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buy out

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buy out

Postby zdesart » Fri Sep 20, 2002 9:30 am

there are rumors in my building that the owner may be selling the individual apartments in the next year or two. I have just recieved my new lease (that was given to me on the 19th not giving me much time until expiration) and there is a clause that reads as follows.

"It is specifically agreed that the landlord at any given time may buy out the tenant from this lease by giving him / her 30 days written notice, the landlord will pay to tenant an amount equal to one months rent contained in this lease in the amount effective that month. "

it goes on to say LL will pay in one month and if i don't "surrender possesion" i waive buy out amount and the lease will terminate at the end of the month.
Is this legal?
zdesart
 
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Re: buy out

Postby consigliere » Fri Sep 20, 2002 10:57 am

The landlord can't sell apartments one at a time. He has to file with the Attorney General's office to convert the building to a co-op or condo.
 
Assuming that you live in a rent stabilized apartment, the landlord's offer of a renewal lease is untimely and improper.
 
You can ignore the landlord and continue to pay the old rent, or you can file a complaint with DHCR, based on the landlord's late offer of a renewal lease, and the landlord's attempt to add an improper clause to the lease.
 
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Re: buy out

Postby zdesart » Fri Sep 20, 2002 11:54 am

thanks for response,
there isn't a rent increase in the new lease, and i have a pretty good relationship with the building manager, my only concern was that 6 months from now he'd give me thirty days to vacate under this clause. also i don't believe the building is rent stabalized.
zdesart
 
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Location: Brooklyn

Re: buy out

Postby Cranky Tenant » Fri Sep 20, 2002 4:17 pm

In all fairness, even if you were to agree to move on a month's notice, one month's rent really isn't fair compensation. It's not enough to cover the normal realtor's commission, much less the cost of moving, getting utilities turned on, etc. And finding another place in 30 days is quite a task in itself.

Beyond that, if the LL wants the option to terminate the lease on 30 days notice, why shouldn't you, the tenant, have the same option?
I'm a cranky tenant NOT a cranky lawyer.
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Re: buy out

Postby Cranky Tenant » Fri Sep 20, 2002 5:22 pm

Just for starters, you should do a search to confirm whether or not your apartment is Rent Stabilized

Are You Rent Stabilized?

It's my understanding that when a building becomes a co-op or condominium, existing tenants are normally offered an insider's price

I would stongly suggest contacting a lawyer or someone who is experienced with co-ops and condos before you sign away any rights..
I'm a cranky tenant NOT a cranky lawyer.
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Re: buy out

Postby zdesart » Sun Sep 22, 2002 11:08 am

thanks guys,
i think i'll just ask him about it and get it out in the open.
zdesart
 
Posts: 6
Joined: Sun Aug 04, 2002 1:01 am
Location: Brooklyn


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